Coins.ph and global fintech company Circle have partnered to encourage the usage of USDC for remittances in the Philippines.
The partnership, revealed in a press release on October 10, intends to give the 18 million Filipino users of Coins.ph and their relatives and loved ones overseas a faster, more affordable, and more convenient remittance option.
A stablecoin called USDC operates on international blockchains and is backed 1:1 by U.S. dollars, allowing for quick and inexpensive transactions. On Coins.ph, USDC may also be quickly converted into local money or other cryptocurrencies.
With $36.1 billion in remittance flows in 2022, the Philippines will be the fourth-largest recipient of remittances in the world, according to the World Bank.
However, traditional remittance channels can have exorbitant costs and protracted transaction timeframes. By promoting awareness and education of USDC for remittances, the cooperation between Circle and Coins.ph will work to change the current remittance situation, starting in the Philippines.
Raagulan Pathy, Circle’s Vice President for Asia Pacific “Working with Coins.ph is an extension of how Circle is making the movement of money more accessible, inclusive, and efficient,”
“By making cross-border transactions near real-time and dramatically reducing transaction costs, we support the United Nations’ Sustainable Development Goal of reducing to less than 3 percent the transaction cost of migrant remittances by 2023”.
Circle has teamed with notable companies, including FTX, Huobi Global, and others to increase its footprint and impact in Asia-Pacific. This includes the cooperation with Coins.ph.
Circle recently disclosed its intentions to merge with Concord Acquisition Corp., a Special Purpose Acquisition Company (SPAC), to become public.
