USDC issuer partners with Philippine exchange to promote stablecoin

Thanks to a new partnership with Circle, Coins.ph’s 18 million users are expected to gain access to faster, lower-cost and more convenient money transfer options. Circle, the issuer of US dollar-pegged stablecoin USDC, is expanding its presence in the Philippines with a new local partner. On October 10, Circle announced a strategic partnership with Coins.ph, a major cryptocurrency exchange and digital wallet provider in the Philippines.

As part of the partnership, Coins.ph and Circle will work together to increase awareness of USDC payments and help Filipinos reduce cross-border remittance fees and speed up transactions, the companies said.

Citing World Bank data, they added that by 2022, the average cost of sending $200 to Asia will be 5.7%. In the Philippines, remittances are even more complicated for the unbanked, who accounted for 44% of the adult population in 2021, according to the Bangko Sentral ng Pilipinas.

Circle and Coins.ph said in a joint statement that remittance flows will reach a staggering $36.1 billion in 2022 alone. Remittances remain an important contributor to the Philippine economy, but traditional remittance channels often involve high fees and lengthy transactions. time.

The latest collaboration between the two companies aims to improve the existing remittance landscape, starting with the Philippines, one of the world’s largest remittance receiving countries. The project includes educational activities and community engagement activities to help overseas Filipinos learn to use USDC for remittances.

Coins.ph CEO Zhou Wei said: Coins.ph’s partnership with Circle aims to demonstrate how USDC can provide faster, lower-cost and more convenient remittance options for our 18 million Filipino users and their families and loved ones overseas. . Coupled with our recent innovations in Web3 technology, this move demonstrates Coins.ph’s commitment to providing users with innovative services that have a tangible impact on their daily lives.

Founded in 2014, Coins.ph is a major cryptocurrency exchange in the Philippines that also allows users to pay bills and send money using its digital wallet.

As of the time of this announcement, USDC is not the only stablecoin listed on the Coins.ph exchange. According to data from CoinGecko, USDC’s daily trading volume on Coins.ph reached $44,500, accounting for only about 13% of the daily trading volume of USDT, a major rival stablecoin. According to CoinGecko, the exchange’s daily trading volume is around $1 million as of this writing.

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