Circle, the issuer of USDC, partners with Coins.ph to promote USDC payments in the Philippines, aiming to reduce cross-border money transfer costs and transaction times.
Circle, the issuer of the United States dollar-pegged stablecoin USDC, is expanding its presence in the Philippines through a strategic partnership. Coins.ph and Circle have joined forces to raise awareness about USDC payments, with a focus on lowering costs for cross-border money transfers and expediting transactions.
In 2022, the average cost of sending a $200 payment to Asia was 5.7%, according to World Bank data. The situation in the Philippines is more challenging for the unbanked, constituting 44% of the adult population in 2021, as reported by the Philippines Central Bank.
Remittances play a significant role in the Philippines’ economy, with $36.1 billion in remittance flows in 2022 alone. However, traditional remittance channels often involve high fees and lengthy transaction times. The collaboration between Circle and Coins.ph aims to enhance the current remittance landscape, beginning in the Philippines, one of the world’s largest remittance recipients. The initiative includes educational campaigns and community engagement efforts to teach Filipinos overseas how to use USDC for remittances.
Coins.ph CEO Wei Zhou emphasized that this partnership demonstrates USDC’s potential to offer a faster, more cost-effective, and accessible remittance option to their 18 million Filipino users and their families abroad.
