Circle, the issuer of the U.S. dollar-pegged stablecoin USDC, is expanding its presence in the Philippines through a strategic partnership with Coins.ph, a prominent cryptocurrency exchange and digital wallet provider in the country.

According to an official press release, the partnership aims to drive awareness of USDC-denominated remittances as a secure, low-cost, and near-instant solution for international money transfers for Coins.ph’s 18 million Filipino users. USDC is a regulated, fully-backed digital dollar (stablecoin) that operates 24/7, offers swift transactions, and is always redeemable 1:1 for U.S. dollars.

Given how the USDC stablecoin runs on global blockchains with minimal transaction costs, it has been increasingly seen as a viable solution for facilitating cross-border payments and remittances worldwide.

In 2022, the Philippines received a staggering $36.1 billion in remittances in 2022, according to data from the Bangko Sentral Ng Pilipinas (Central Bank of the Philippines). Despite this, however, traditional remittance channels often involve high fees and lengthy transaction times. The average cost of sending a $200 remittance to the Asian region in 2022 was 5.7%, per World Bank data. In

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Author: Vince Dioquino

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