Philippine-based cryptocurrency exchange Coins.ph has partnered with fintech firm Circle to enhance remittance services for its 18 million Filipino users. The collaboration aims to leverage stablecoin-denominated remittances, which offer fast, affordable, and secure international money transfers. Circle is the creator of USDC, the second-largest stablecoin by market capitalization, designed to maintain a 1-to-1 peg with the US dollar. The partnership seeks to raise awareness about the advantages of using USDC for sending money abroad. The initiative will begin with educational campaigns and community engagement initiatives to help Filipinos overseas learn how to utilize USDC for remittances. Remittances play a significant role in the Philippine economy, with money transfers from Overseas Filipinos reaching $36.1 billion in 2022, accounting for 8.9% of the nation’s GDP and 8.4% of its GNI. Despite the size of the remittance industry, traditional channels still involve high fees and lengthy transaction times, posing challenges for the unbanked population, which constituted 44% of the country’s adult population in 2021. The partnership between Coins.ph and Circle aims to make cross-border transactions near real-time and significantly reduce transaction costs, aligning with the United Nations’ Sustainable Development Goal of reducing the transaction cost of migrant remittances to less than 3% by 2023. This collaboration represents a crucial step towards increasing economic opportunity and prosperity 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 | positive |
| Relevance Score | 1 |
| People | Raagulan Pathy |
| Companies | Circle, United Nations, Coins.ph, Bangko Sentral ng Pilipinas (BSP) |
| Currencies | USDC |
| Securities | None |
