Circle, the issuer of the USDC stablecoin, has announced a strategic partnership with Coins.ph, a major cryptocurrency exchange and digital wallet provider in the Philippines. The aim of the partnership is to increase awareness of USDC payments and provide Filipinos with a more affordable and efficient way to make cross-border money transfers. Currently, the average cost of sending a $200 payment to Asia is 5.7%, according to World Bank data. In the Philippines, where 44% of the adult population is unbanked, the situation is even more complicated. Traditional remittance channels often involve high fees and lengthy transaction times. With $36.1 billion in remittance flows in 2022 alone, remittances are a vital contributor to the Philippines’ economy. The partnership between Circle and Coins.ph seeks to improve the existing remittance landscape, starting in the Philippines. The project includes educational campaigns and community engagement initiatives to help Filipinos abroad learn to use USDC for remittances. Coins.ph CEO Wei Zhou stated that the partnership aims to provide a faster, lower-cost, and more accessible remittance option for their 18 million Filipino users and their families abroad. Coins.ph, founded in 2014, is a major cryptocurrency exchange in the Philippines that also offers bill payment and money remittance services through its digital wallet. At present, USDC is not the only stablecoin listed on the Coins.ph exchange, with Tether (USDT) being a major rival. However, the partnership with Circle is expected to increase the adoption and usage of USDC in the Philippines.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Asia |
| Countries | 🇵🇠|
| Sentiment | neutral |
| Relevance Score | 0 |
| People | Wei Zhou |
| Companies | Circle, Philippines Central Bank, CoinGecko, Coins.ph, World Bank |
| Currencies | USDC, Tether |
| Securities | None |
