{"id":23946,"date":"2023-10-11T10:05:21","date_gmt":"2023-10-11T10:05:21","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/circle-and-coins-ph-partner-for-usdc-remittances-in-the-philippines\/"},"modified":"2023-10-11T10:05:21","modified_gmt":"2023-10-11T10:05:21","slug":"circle-and-coins-ph-partner-for-usdc-remittances-in-the-philippines","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/circle-and-coins-ph-partner-for-usdc-remittances-in-the-philippines\/","title":{"rendered":"Circle and Coins.ph partner for USDC remittances in the Philippines"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/10\/manila-the-philippines-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/10\/manila-the-philippines-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/10\/manila-the-philippines-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/10\/manila-the-philippines-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li dir=\"ltr\">Coins.ph and Circle say the partnership aims at improving the remittance landscape in the Philippines.<\/li>\n<li dir=\"ltr\">The companies target cheap and near-instant remittances enabled by the USDC stablecoin.<\/li>\n<\/ul>\n<p dir=\"ltr\">Philippine fintech company Coins.ph and Circle, the issuer of the USDC stablecoin, have announced a strategic partnership targeted at promoting USDC-denominated remittances in the Philippines.<\/p>\n<p dir=\"ltr\">The companies want to drive further adoption of crypto remittances via the stablecoin for the more than 18 million Filipinos that use Coins.ph, per details in a\u00a0<a href=\"https:\/\/www.circle.com\/en\/pressroom\/coins.ph-and-circle-to-promote-financial-inclusion-through-remittances-in-the-philippines\" target=\"_blank\" rel=\"noopener noreferrer\">press release<\/a>\u00a0published on Wednesday. The Philippines is the world\u2019s fourth largest destination for remittances.<\/p>\n<p dir=\"ltr\">Circle co-founder and CEO Jeremy Allaire commented on the \u201cbroad commercial partnership\u201d via a post on X, stating:<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Today through a broad commercial partnership with <a href=\"https:\/\/twitter.com\/coinsph?ref_src=twsrc%5Etfw\">@coinsph<\/a>, <a href=\"https:\/\/twitter.com\/circle?ref_src=twsrc%5Etfw\">@circle<\/a> will bring <a href=\"https:\/\/twitter.com\/search?q=%24USDC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$USDC<\/a> distribution and remittances to their 18 Million Filipino users.  Digital dollars and low-cost, instant dollar remittance continues to be unlocked in emerging markets.  <a href=\"https:\/\/t.co\/xb9gLfHx6n\">https:\/\/t.co\/xb9gLfHx6n<\/a><\/p>\n<p>\u2014 Jeremy Allaire (@jerallaire) <a href=\"https:\/\/twitter.com\/jerallaire\/status\/1711925609021260170?ref_src=twsrc%5Etfw\">October 11, 2023<\/a><\/p>\n<\/blockquote>\n<h2 dir=\"ltr\">Low-cost, near-instant USDC-denominated remittances<\/h2>\n<p dir=\"ltr\">Coins.ph, a crypto exchange and wallet provider, says the partnership will bring not just secure, but low-cost and near-instant cross-border remittances to the people. USDC is a fiat-backed\u00a0<a href=\"https:\/\/coinjournal.net\/news\/tag\/stablecoin\/\">stablecoin<\/a>\u00a0redeemable that\u2019s 1:1 for US dollars.<\/p>\n<p dir=\"ltr\">According to the Philippines central bank Bangko Sentral Ng Pilipinas, remittance inflows stood at a whopping $36.1 billion in 2022. But while these transfers play a crucial role in the country\u2019s economic growth, the impact of huge fees and transaction delays related to conventional payment channels has been huge.<\/p>\n<p dir=\"ltr\">A recent World Bank report indicated that the average remittance fee via traditional rails was $200, or roughly 5.7% in 2022. USDC will greatly reduce the costs, with Coins.ph and Circle eyeing the United Nations\u2019 target of 3% or lower for migrant remittances costs.<\/p>\n<p dir=\"ltr\">The use of USDC also promises financial inclusion to more people, including the 44% of the Philippine adult population that remains unbanked.<\/p>\n<p dir=\"ltr\">\u201c<em>By making cross-border transactions near real-time and dramatically reducing transaction costs, we support the United Nations\u2019 Sustainable Development Goal of reducing to less than 3 percent the transaction cost of migrant remittances by 2023. Together, we\u2019re making critical steps toward increasing economic opportunity and prosperity in the Philippines<\/em>,\u201d Raagulan Pathy, Circle\u2019s VP for Asia Pacific, said in a statement.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\"https:\/\/coinjournal.net\/news\/circle-and-coins-ph-partner-for-usdc-remittances-in-the-philippines\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) Coins.ph and Circle say the partnership aims at improving the remittance landscape in the Philippines. The companies target cheap and near-instant remittances enabled by the USDC stablecoin. Philippine fintech company Coins.ph and Circle, the issuer of the USDC stablecoin, have announced a strategic [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":23947,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/23946"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=23946"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/23946\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/23947"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=23946"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=23946"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=23946"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}