Stablecoin issuer Circle has partnered with digital asset provider Coins.ph to improve remittance services in the Philippines. The partnership aims to promote the use of USDC-denominated remittances as a safe, affordable, and fast method for international money transfers. The Philippines received $36.1 billion in remittance flows in 2022, highlighting the importance of remittances to the country’s economy. Traditional remittance methods often come with high fees and long processing times, particularly for the unbanked population. To address these issues, Coins.ph and Circle will focus on real-time settlements and low transaction costs. The initiative will begin with educational campaigns and community engagement initiatives to encourage Filipinos abroad to adopt USDC for remittances. The partnership aligns with the United Nations’ Sustainable Development Goal of reducing the transaction cost of migrant remittances to less than 3% by 2023. This collaboration aims to increase economic opportunity and prosperity in the Philippines.

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Information	Details
Geography	Asia
Countries	🇵🇭
Sentiment	positive
Relevance Score	1
People	Raagulan Pathy
Companies	Coins.ph, World Bank, Circle, Pouch.ph, Strike, Bangko Sentral Ng Pilipinas (Central Bank of the Philippines)
Currencies	USDC
Securities	None