March 27, 2024
Circle & join forces in the Philippines
Latest Cryptocurrency News

USDC Expands Its Reach in the Philippines Through 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, a prominent cryptocurrency exchange and digital wallet provider in the Philippines.

As part of this partnership, 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 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, stated that’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’s commitment to providing users with access to innovative services that have a tangible impact on their daily lives., 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 exchange. According to CoinGecko data, the daily trading volumes of USDC on stands at $44,500, comprising approximately 13% of all daily trading activity in Tether, a significant rival stablecoin. 

Image by freepik

Related posts

SEC Lawyers Seek Judicial Ruling on Crypto Securities in Terraform Labs Case

Harper Hall

Hong Kong’s Stand on Stablecoins: Retail Trading Prohibited Until Regulatory Framework in Place

Cheryl  Lee

SBF Seeks 6.5-Year Sentence, Urges Guards to Invest in Solana

Cheryl  Lee

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More