Coins.ph partners with Circle for USDC remittances – Crypto News – Crypto News
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Coins.ph partners with Circle for USDC remittances – Crypto News

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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.

See related article: Ripple partners with SBI Remit, Coins.ph to use XRP for Japan-Philippines remittances

  • “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

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