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“A new alliance between Circle and Coins.ph is set to transform the financial landscape for 18 million users, promising them swifter, more affordable, and readily accessible remittance options. Circle, the issuer of the United States dollar-pegged stablecoin USDC, is significantly expanding its footprint in the Philippines through this exciting local partnership.
On the 10th of October, Circle unveiled a strategic collaboration with Coins.ph, a prominent cryptocurrency exchange and digital wallet provider in the Philippines. This dynamic partnership between Coins.ph and Circle is poised to revolutionize cross-border transactions and payments, making them faster and more cost-effective for the Filipino people, as both companies emphatically stated.
In 2022, the average cost of sending a $200 payment to Asia was 5.7%, according to World Bank data. In the Philippines, remittances pose an even more intricate challenge, especially for the unbanked, constituting 44% of the adult population in 2021, as per the Philippines Central Bank.
The impact of remittances on the Philippine economy is undeniable, with a staggering $36.1 billion in inflows in 2022. However, traditional remittance channels often entail exorbitant fees and protracted processing times, a challenge that Circle and Coins.ph have committed to overcome, as they jointly announced.
This groundbreaking partnership aspires to reshape the remittance landscape, starting with the Philippines, one of the globe’s foremost recipients of remittances. The undertaking encompasses comprehensive educational initiatives and community engagement programs designed to empower overseas Filipinos to embrace USDC for their remittance needs.
Coins.ph’s collaboration with Circle is set to demonstrate how USDC can offer a speedier, more cost-efficient, and more accessible remittance solution for its 18 million Filipino users, as well as their families and loved ones residing abroad. Wei Zhou, CEO of Coins.ph, passionately expressed, ‘Paired with our recent innovations in Web3 technology, this initiative underscores Coins.ph’s unwavering commitment to delivering innovative services that tangibly enhance the daily lives of our users.’
Founded in 2014, Coins.ph has emerged as a major cryptocurrency exchange in the Philippines, empowering users not only to trade but also to settle bills and transfer funds through its digital wallet. Notably, the Coins.ph exchange offers not just USDC but also other stablecoins. CoinGecko data reveals that USDC garners daily trading volumes of $44,500 on Coins.ph, constituting approximately 13% of all daily trading, where it competes with prominent stablecoin Tether. As of the current moment, the exchange’s daily trading volume stands at around $1 million, according to CoinGecko.”
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