- Traditional remittance routes frequently include high fees and long transaction timeframes.
- The Philippines is one of the major beneficiaries of remittances in the world.
Coins.ph is a leading cryptocurrency exchange and digital wallet service in the Philippines, and on October 10th, Circle announced a strategic relationship with them. With this new cooperation, Circle, the issuer of the USDC stablecoin, will be able to expand its operations in the Philippines.
Coins.ph and Circle have announced a collaboration to promote USDC payments, which would allow Filipinos to save money on international wire transfers and get their funds more quickly.
More Accessible Remittance Option
They also noted that in 2022, using World Bank figures, it will cost an average of 5.7% of a $200 payment to be sent to Asia. According to the Philippines Central Bank, in 2021, 44% of the population over the age of 18 was unbanked, making the already difficult situation with remittances even more so.
Moreover, traditional remittance routes frequently include high fees and long transaction timeframes. Circle and Coins.ph noted this in their joint statement. Citing the astonishing $36.1 billion in remittance transactions in 2022 as evidence.
Coins.ph CEO Wei Zhou stated:
“Coins.ph’s partnership with Circle aims to show how USDC can provide a faster, lower-cost and more accessible remittance option for our 18 million Filipino users and their families and loved ones abroad.”
Also, the Philippines is one of the major beneficiaries of remittances in the world. And this new alliance between the companies hopes to enhance the current remittance scenario there. The goal of the project is to teach Filipinos living abroad how to send money home via USDC. By implementing educational campaigns and community involvement activities.
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