Circle, issuer of the US dollar-pegged stablecoin USDC (USDC), is increasing its presence in the Philippines with a new local partnership.
On October 10, the department Announce Strategic partnership with Coins.ph, a leading cryptocurrency exchange and digital wallet company in the Philippines.
As part of the partnership, Coins.ph and Circle will work together to increase awareness of USDC payments and help Filipinos pay less for cross-border money transfers and make faster transactions, the companies said.
Average cost of sending a payment of $200 to Asia He was 5.7% in 2022, they added, citing World Bank data. In the Philippines, the situation of remittances is more complicated for unbanked people, who represent 44% of the adult population in 2021. According to To the Central Bank of the Philippines.
“With a staggering $36.1 billion in remittance inflows in 2022 alone, remittances remain a vital contributor to the Philippine economy,” Circle and Coins.ph said in the joint announcement, but traditional remittance channels often involve high fees and long transaction times.
The latest partnership between the two companies aims to improve the current remittance landscape, starting with the Philippines, one of the largest remittance-receiving countries in the world. The project includes educational campaigns and community engagement initiatives to help overseas Filipinos learn how to use USDC to make remittances.
Related: Circle is offering native USDC tokens on Polygon
“Coins.ph’s partnership with Circle aims to showcase how USDC can provide a faster, cheaper and more convenient remittance option for our 18 million Filipino users and their families and loved ones abroad,” said Wei Chu, CEO of Coins.ph. he added:
“Combined with our recent innovations in Web3 technology, this initiative demonstrates Coins.ph’s commitment to providing users access to innovative services that have a tangible impact on their daily lives.”
Founded in 2014, Coins.ph is a major cryptocurrency exchange in the Philippines and also allows users to pay their bills and transfer money using its digital wallet.
At the time of the announcement, USDC was not the only stablecoin listed on the Coins.ph exchange. According to CoinGecko data, the daily USDC trading volume on Coins.ph amount to $44,500 and constitutes only about 13% of the total daily trading in Tether (USDT), a major competing stablecoin. The exchange is trading at roughly $1 million a day at the time of writing, according to CoinGecko.
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