'Circle Partners with Coins.ph to Boost USDC Payments, Aiming to Revamp Remittance in the Philippines'
Summary:
Circle, the issuer of the USDC stablecoin, is partnering with Coins.ph, a major cryptocurrency exchange in the Philippines. The partnership will focus on promoting USDC payments, offering the Filipino community a cost-effective solution for cross-border money transfers. With a high percentage of the country's adult population unbanked, and remittance fees being a significant burden, Circle and Coins.ph are committed to improving the situation through this initiative.
The promoter of USDC (USDC), a stablecoin pegged to the U.S. dollar, Circle, is expanding its footprint in the Philippines through a fresh collaboration. On October 10, Circle solidified a strategic agreement with Coins.ph, a prominent Philippine cryptocurrency exchange and digital wallet service provider. The engagement brings Coins.ph and Circle together to augment understanding of USDC payments, and to offer Filipino individuals an inexpensive alternative for making speedy international money transactions. According to 2022 World Bank figures, the average cost of transferring a $200 payment to Asia was 5.7%. The remittance situation is especially problematic for the unbanked in the Philippines, which made up 44% of adults in 2021, as reported by the Central Bank of the Philippines. The joint statement from Circle and Coins.ph points out that remittances were a hefty $36.1 billion in 2022, playing a critical role in the Philippines' economy, but regular remittancy channels often bear high charges and consume significant time. This partnership intends to revamp the existing remittance landscape, beginning from the Philippines, a significant international recipient of remittances. The project plans to organise educational drives and community interaction programs to assist Filipinos abroad in utilizing USDC for remittances. The CEO of Coins.ph, Wei Zhou, stated that their alliance with Circle aims to educate about how the use of USDC could result in prompt, affordable, and easily approachable remittance options for their 18 million Filipino users and their overseas relatives. Coins.ph, established in 2014, is a leading Philippine cryptocurrency exchange that also permits users to pay bills and transfer money via its digital wallet. At the time of declaration, Coins.ph exchange lists more stablecoins apart from USDC. As per CoinGecko data, USDC's daily trading volume on Coins.ph is about $44,500, constituting around 13% of all daily transactions involving Tether (USDT), a major competitive stablecoin. The exchange negotiates trades worth approximately $1 million per day as per current data from CoinGecko.
Published At
10/11/2023 12:38:57 PM
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