Circle Expands Presence in the Philippines through Partnership with Coins.ph
Circle, the issuer of the stablecoin USDC, is collaborating with Coins.ph, a well-known cryptocurrency exchange and digital wallet provider in the Philippines. The partnership aims to promote awareness of USDC-denominated remittances as a secure, low-cost, and fast solution for international money transfers for Coins.ph’s 18 million Filipino users.
The USDC stablecoin operates on global blockchains with minimal transaction costs, making it an attractive option for cross-border payments and remittances worldwide. In 2022, the Philippines received $36.1 billion in remittances, but traditional channels often involve high fees and lengthy transaction times. Additionally, a significant portion of the adult population in the country remains unbanked.
Driving Financial Inclusion through USDC Remittances
Coins.ph and Circle are taking steps to address these challenges by spreading awareness and creating educational communities that can leverage USDC for remittances. Wei Zhou, CEO of Coins.ph, stated that their partnership aims to provide a faster, lower-cost, and more accessible remittance option for their users.
USDC has gained global recognition as a trusted stablecoin with various applications, including humanitarian aid delivery, e-commerce facilitation, cross-border transactions, and support for decentralized finance platforms.
Achieving Sustainable Development Goals
Raagulan Pathy, Vice President for Asia Pacific for Circle, highlighted that by enabling near real-time cross-border transactions and reducing transaction costs, they are supporting the United Nations’ Sustainable Development Goal of reducing migrant remittance costs to less than 3% by 2023.
About Coins.ph
Coins.ph was established in 2014 and has become the leading exchange in the Philippines in terms of volume and assets held. The platform offers services such as bill payment and money transfers through its digital wallet. Coins.ph currently lists Circle’s USDC across multiple offerings, with trading volumes for the stablecoin accounting for approximately 13% of Tether’s daily volume.
Hot Take: Circle and Coins.ph Partnership to Drive USDC Remittances in the Philippines
Circle’s strategic partnership with Coins.ph aims to promote financial inclusion by offering USDC-denominated remittances as a secure, low-cost, and fast solution for international money transfers. With high fees and lengthy transaction times associated with traditional remittance channels, the collaboration seeks to raise awareness and educate users about the benefits of leveraging USDC for remittances. By expanding its presence in the Philippines, Circle aims to support the United Nations’ Sustainable Development Goal of reducing migrant remittance costs. Coins.ph, as a top exchange in the country, plays a crucial role in facilitating the adoption of USDC and driving its usage for cross-border transactions.
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