Coins.ph and Circle Forge Partnership for Enhanced Remittances

Coins.ph, a well-known cryptocurrency exchange in the Philippines, is collaborating with fintech company Circle to provide its large user base a smooth transfer experience. By utilizing the power of stablecoins, our cooperation seeks to provide consumers with quick, affordable, and secure international money transactions.

A prominent participant in this partnership is Circle, the developer of USDC, the second-largest stablecoin by market value. Because USDC maintains a 1-to-1 peg with the US dollar, it is a dependable option for transfers in stablecoins. The agreement is motivated by the desire to highlight the benefits of transferring money overseas using USDC.

Enhancing Remittance Services in the Philippines

Beginning with the Philippines, the world’s fourth-largest recipient of remittances, Coins.ph and Circle want to improve the remittance situation. The effort begins with educational campaigns and community engagement initiatives aimed at assisting Filipinos living abroad in understanding and using USDC for their remittances.

The Philippine economy greatly benefits from remittances. The national bank of the nation, Bangko Sentral ng Pilipinas (BSP), announced that OFs sent a remarkable $36.1 billion in 2022. This sum accounts for 8.9% of the country’s Gross Domestic Product (GDP) and 8.4% of its Gross National Income (GNI). It demonstrates the significance of remittances in the economic structure of the nation.

Although the Philippines’ remittance market is huge, traditional money transfer methods can have exorbitant costs and lengthy processing timeframes. The unbanked population, which in 2021 will make up 44% of the adult population in the nation, is disproportionately impacted by these issues.

Circle’s Vice President for Asia Pacific, Raagulan Pathy, notes that this collaboration would enable practically real-time cross-border transactions while significantly lowering transaction costs. This is in line with the Sustainable Development Goal of the UN, which aims to lower the transaction cost of migrant remittances to around 3% by 2023. Coins.ph and Circle want to increase economic possibilities and prosperity in the Philippines by solving these challenges.