Circle Partners with Coins.ph to Promote Financial Inclusion in the Philippines
Circle, the issuer of the USDC stablecoin, has announced a strategic partnership with Coins.ph, a leading cryptocurrency exchange and digital wallet provider in the Philippines. The collaboration aims to increase awareness of USDC payments and make cross-border money transfers more affordable and efficient for Filipino people.
The average cost of sending a $200 payment to Asia was 5.7% in 2022, according to World Bank data. In the Philippines, where 44% of the adult population is unbanked, remittances are particularly challenging. Traditional remittance channels involve high fees and lengthy transaction times.
The partnership between Circle and Coins.ph seeks to improve the current remittance landscape, starting in the Philippines. The project includes educational campaigns and community engagement initiatives to help Filipinos abroad learn how to use USDC for remittances.
Coins.ph CEO Aims to Provide Accessible Remittance Options
Coins.ph CEO Wei Zhou emphasized that the partnership with Circle aims to offer a faster, lower-cost, and more accessible remittance option for their 18 million Filipino users and their families abroad. He also mentioned Coins.ph’s commitment to providing innovative services that have a tangible impact on users’ everyday lives.
Founded in 2014, Coins.ph is a major cryptocurrency exchange in the Philippines that allows users to pay bills and remit money using its digital wallet. While USDC is not the only stablecoin listed on Coins.ph, it accounts for approximately 13% of all daily trading volume on the exchange.
Hot Take: Circle and Coins.ph Collaborate to Revolutionize Remittances in the Philippines
The partnership between Circle and Coins.ph has significant implications for financial inclusion in the Philippines. By leveraging the USDC stablecoin, the collaboration aims to address the challenges faced by the unbanked population and reduce the costs and delays associated with traditional remittance channels.
With educational campaigns and community engagement initiatives, Filipino users will have the opportunity to access a faster and more affordable remittance option. This partnership showcases the potential of cryptocurrency in driving financial innovation and improving the lives of individuals and families who rely on remittances.
Sources: Circle, World Bank, Philippines Central Bank, CoinGecko
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