<\/p>\n
Philippine-based crypto exchange Coins.ph says it is teaming up with fintech firm Circle to enable its 18 million Filipino users to enjoy better remittance services.<\/p>\n
In a statement, Coins.ph says stablecoin-denominated remittances enable fast, cheap and secure international money transfers.<\/p>\n
Circle is the company behind USDC, the second-largest stablecoin by market that aims to keep a 1-to-1 peg with the US dollar.<\/p>\n
The stablecoin issuer says<\/a> the partnership aims to raise awareness about the benefits of using USDC for sending money abroad.<\/p>\n \u201cBy driving real-time settlements and minimal transaction costs, Coins.ph and Circle\u2019s partnership aims to improve the existing remittance landscape, starting in the Philippines, the fourth largest recipient of remittances globally. The initiative begins with educational campaigns and community engagement initiatives to help Filipinos abroad learn to use USDC for remittances.\u201d<\/em><\/p>\n Remittances are a major contributor to the Philippine\u2019s economy. According to the Bangko Sentral ng Pilipinas (BSP), the country\u2019s central bank, money transfers from Overseas Filipinos (OFs) reached $36.1 billion in 2022. The amount accounts<\/a> for 8.9% and 8.4% of the nation\u2019s Gross Domestic Product (GDP) and Gross National Income (GNI), respectively.<\/p>\n Coins.ph says despite the massive size of the nation\u2019s remittance industry, conventional channels for money transfers still involve high fees and lengthy transaction times, which pose challenges for the unbanked, who made up 44% of the country\u2019s adult population in 2021.<\/p>\n Says Raagulan Pathy, Circle\u2019s Vice President for Asia Pacific,<\/p>\n \u201cBy making cross-border transactions near real-time and dramatically reducing transaction costs, we support the United Nations\u2019 Sustainable Development Goal of reducing to less than 3 percent the transaction cost of migrant remittances by 2023. Together, we\u2019re making critical steps toward increasing economic opportunity and prosperity in the Philippines.\u201d\u00a0<\/em><\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
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