Circle, the issuer of the U.S. dollar-pegged stablecoin USDC, has entered into a partnership with Coins.ph, a cryptocurrency exchange and digital wallet provider in the Philippines.
Circle’s Collaboration with Coins.ph
On October 10, Circle officially announced its collaboration with Coins.ph, signaling its intent to enhance the accessibility of USDC payments in the Philippines. The partnership aims to empower the 18 million users of Coins.ph with a faster, lower-cost remittance option.
The joint efforts of Circle and Coins.ph are geared towards alleviating the challenges faced by individuals in the Philippines when it comes to cross-border money transfers. Traditional remittance channels often entail exorbitant fees and prolonged transaction times. As a result, hindering the financial freedom of the unbanked population, which accounted for 44% of adults in 2021, according to the Philippines Central Bank.
Tackling Remittance Costs: A Shared Mission
Highlighting the urgency of the collaboration, the companies pointed out that the average cost of sending a $200 payment to Asia was 5.7% in 2022, as per World Bank data. In the Philippines, where remittances play a pivotal role in the economy, the need for an alternative, cost-effective solution is paramount.
The joint initiative encompasses not only the promotion of USDC payments but also educational campaigns and community engagement programs. With a focus on the Filipino diaspora, the project seeks to educate and encourage the use of USDC for remittances. Further, it aims to streamline and enhance the entire process.
Coins.ph CEO’s Vision for the Partnership
Wei Zhou, CEO of Coins.ph, expressed the significance of the collaboration.
He stated,“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 further emphasized the commitment to innovative services that positively impact users’ daily lives.
Founded in 2014, Coins.ph has emerged as a major player in the cryptocurrency space in the Philippines. Beyond facilitating crypto trades, the platform enables users to pay bills and remit money through its digital wallet.
Diverse Stablecoin Options on Coins.ph Exchange
While USDC is a notable addition to Coins.ph, it’s not the sole stablecoin listed on the exchange. Daily trading volumes for USDC on Coins.ph currently stand at $44,500, constituting approximately 13% of the daily trading in Tether, a major rival stablecoin. The exchange, with a daily trading volume of about $1 million, remains a dynamic hub for stablecoin transactions.