July 21, 2024
Circle & Coins.ph join forces in the Philippines
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USDC Expands Its Reach in the Philippines Through Coins.ph Collaboration

Circle, the issuer of the U.S. dollar-pegged stablecoin, USDC, is expanding its footprint in the Philippines through a new local partnership. On October 10, Circle unveiled a strategic collaboration with Coins.ph, a prominent cryptocurrency exchange and digital wallet provider in the Philippines.

As part of this partnership, Coins.ph and Circle will collaborate to raise awareness about USDC payments and assist the Filipino population in reducing expenses related to cross-border money transfers while facilitating quicker transactions. According to the companies, the average cost of sending a $200 payment to Asia in 2022 stood at 5.7%, as per World Bank data. In the Philippines, the scenario is even more complex for the unbanked, who constituted 44% of the adult population in 2021, according to the Philippines Central Bank.

While remittances continue to be a vital contributor to the Philippines’ economy, with a staggering $36.1 billion in remittance flows in 2022 alone, traditional remittance channels often involve high fees and lengthy transaction times, as stated by Circle and Coins.ph in their joint announcement. The latest partnership between these two firms seeks to enhance the existing remittance landscape, starting with the Philippines, one of the world’s top receivers of remittances globally.

The project encompasses educational campaigns and community engagement initiatives aimed at helping Filipinos overseas adopt USDC for remittances. Wei Zhou, CEO of Coins.ph, stated that Coins.ph’s partnership with Circle aims to demonstrate how USDC can offer a faster, more cost-effective, and more accessible remittance option for our 18 million Filipino users and their families and loved ones abroad. He further noted that, coupled with their recent advancements in Web3 technology, this initiative underscores Coins.ph’s commitment to providing users with access to innovative services that have a tangible impact on their daily lives.

Coins.ph, founded in 2014, is a major player in the cryptocurrency exchange space in the Philippines, enabling users to pay bills and send money using its digital wallet.

At the time of the announcement, it’s important to note that USDC is not the sole stablecoin available on the Coins.ph exchange. According to CoinGecko data, the daily trading volumes of USDC on Coins.ph stands at $44,500, comprising approximately 13% of all daily trading activity in Tether, a significant rival stablecoin. 

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Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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