Coins.ph, a cryptocurrency exchange based in the Philippines, has partnered with USDC stablecoin issuer Circle Internet Financial to promote the use of USDC remittances for international money transfers.
- “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,” said Coins.ph Chief Executive Officer Wei Zhou in a press release on Tuesday.
- According to the Bangko Sentral ng Pilipinas (BSP), the country’s central bank, remittances from overseas Filipino workers continue to be a vital contributor to the Philippines’ economy. In 2022, BSP recorded US$36.1 billion in remittance flows.
- The Philippines is the fourth largest recipient of remittances in the world.
- “By making cross-border transactions near real-time and dramatically reducing transaction costs, we support the United Nations’ Sustainable Development Goal of reducing to less than 3% the transaction cost of migrant remittances by 2023,” said Raagulan Pathy, Circle’s vice president for Asia-Pacific.
See related article: Coinbase buys equity stake in Circle