Circle, the issuer of the US dollar-pegged stablecoin USDC, is set to expand its footprint in the Philippines through a strategic partnership with Coins.ph, a prominent cryptocurrency exchange and digital wallet provider in the country. This collaboration aims to provide 18 million Coins.ph users with a faster, more cost-effective, and accessible remittance option.
Sending money to Asia in 2022 cost an average of 5.7% for a $200 payment, as per World Bank data. This partnership seeks to address these challenges by leveraging the benefits of USDC, offering lower costs and faster transactions. The Philippines, in particular, faces complexity in the remittance sector, with 44% of its adult population being unbanked in 2021, according to the Philippines Central Bank.
![USDC Issuer Circle Eyes Philippine Market with New Partnership image 63](https://i0.wp.com/nosisnews.com/wp-content/uploads/2023/10/image-63.png?resize=976%2C498&ssl=1)
![USDC Issuer Circle Eyes Philippine Market with New Partnership image 63](https://i0.wp.com/nosisnews.com/wp-content/uploads/2023/10/image-63.png?resize=976%2C498&ssl=1)
The Philippines receives a significant $36.1 billion in remittances each year, contributing significantly to its economy. However, traditional remittance channels often involve high fees and lengthy transaction times, which this partnership aims to alleviate, starting in the Philippines. This initiative includes educational campaigns and community engagement to empower Filipinos abroad to use USDC for remittances.
Coins.ph CEO Wei Zhou expressed the partnership’s goal, stating, “Coins.ph’s partnership with Circle aims to show how USDC can provide a faster, lower-cost, and more accessible remittance option for our 18 million Filipino users and their families and loved ones abroad.” He highlighted that this collaboration, combined with their innovations in Web3 technology, reflects Coins.ph’s commitment to offering users access to innovative services that positively impact their daily lives.
Coins.ph, founded in 2014, is a significant cryptocurrency exchange in the Philippines, allowing users to pay bills and remit money through its digital wallet. While USDC is the central focus of this partnership, it’s worth noting that Coins.ph offers other stablecoins on its platform as well. According to CoinGecko, daily USDC trading volumes on Coins.ph amount to $44,500, comprising roughly 13% of daily Tether trading, a major rival stablecoin. Currently, the exchange handles around $1 million per day in trading volume, according to CoinGecko data.
![USDC Issuer Circle Eyes Philippine Market with New Partnership image 64](https://i0.wp.com/nosisnews.com/wp-content/uploads/2023/10/image-64.png?resize=1024%2C565&ssl=1)
![USDC Issuer Circle Eyes Philippine Market with New Partnership image 64](https://i0.wp.com/nosisnews.com/wp-content/uploads/2023/10/image-64.png?resize=1024%2C565&ssl=1)
This partnership between Circle and Coins.ph demonstrates the growing importance of blockchain and digital assets in enhancing financial services, especially in regions with significant remittance flows like the Philippines. It showcases the potential for stablecoins to provide efficient and affordable cross-border transactions, ultimately benefiting the unbanked and the broader population.
ALSO READ
- Circle Brings EURC Stablecoin to Stellar, Expanding Euro Access
- Circle brings USDC to Polkadot, marking major milestone for cross-chain interoperability
- Grab launches Web3 services in Southeast Asia with Circle