Circle’s USDC Report Highlights Key Partnership With Coins.ph, Grab | BitPinas

• Circle, a global fintech firm and issuer of USDC, highlights the Asia Pacific region’s embrace of digital currencies, particularly in Southeast Asia.
• Southeast Asian governments, such as Singapore, Malaysia, and Thailand, were commended for implementing 24/7 real-time payment systems, enabling the development of regulatory frameworks for payment stablecoins.
• In 2023, Circle minted and burned $197 billion in USDC, emphasizing its stability and the key feature of USDC—redeemable 1:1 for U.S. dollars at any time.

Circle Internet Financial (Circle), a global fintech firm and issuer of stablecoin USDC, shares its achievements in the Southeast Asia region as it concludes 2023 and prepares for 2024. In its “State of the USDC Economy” report, the firm highlighted its 2023 partnerships with SEA entities Grab and Coins.ph. 

Circle in SEA

According to the report, Circle made significant partnerships in Southeast Asia as it collaborated with super app Grab and locally licensed digital asset exchange Coins.ph

Last year, Grab also initiated a pilot of web3 customer experiences by integrating Circle’s new Web3 Services platform into its app in Singapore. The ‘Grab Web3 Wallet’ allows users in Singapore to establish a blockchain-enabled wallet, utilize non-fungible token (NFT) vouchers, and accrue rewards and collectibles. 

On the other hand, in the Philippines, Circle partnered with Coins.ph to promote USDC-denominated remittance.

“Coins.ph’s partnership with Circle aims to show how USDC can provide a faster, lower-cost, and more accessible remittance option for Coins.ph’s 18 million Filipino users and their families and loved ones abroad.”

Wei Zhou, CEO, Coins.ph

Moreover, the Circle report highlighted how the Asia Pacific region is a hub for technological innovation and has embraced digital currencies, with a strong focus on digital wallets. The firm noted that nearly half of Asia Pacific’s 1.8 billion online population already uses a digital wallet; and even among Southeast Asia’s unbanked population, digital wallet penetration could reach 58% by 2025.

In this regard, Circle acknowledged that the private sector’s innovation has coincided with proactive efforts by policymakers and regulators to establish a well-regulated digital economy.

The firm lauded Southeast Asian governments, such as Singapore, Malaysia, and Thailand, for their successful implementation of 24/7 real-time payment systems, which it noted enable regulators to develop regulatory frameworks for payment stablecoins. 

In 2023, Circle Singapore obtained a Major Payment Institution License from the Monetary Authority of Singapore (MAS). The entity provides digital payment token services, cross-border money transfer services, and domestic money transfer services in the city-state.

Report on USDC

According to the report, the challenges experienced by the digital asset economy have also had an impact on USDC, resulting in a decrease in its total outstanding circulation. The decline is attributed in part to the influence of higher interest rates in traditional financial markets.

Consequently, Circle highlighted that despite the challenges faced by the digital asset economy, it has maintained its pivotal role as a link between the digital asset space and traditional finance. In 2023, the company minted and burned $197 billion in USDC, which it noted underscores the stability of its model and emphasizes a key feature of USDC—its ability to be redeemed 1:1 for U.S. dollars at any time.

Additionally, the report noted the global expansion of USDC through partnerships, which has provided increased access to dollars for individuals worldwide. USDC’s usage for payments, as a store of value, and in various applications has also grown.

Based on the data, over the past year, the number of USDC wallets with a balance of at least $10 has grown by 59%, reaching a total of approximately 2.7 million. In addition, Circle reported a total of 595 million transactions by the end of November. 

In addition, the introduction of the Cross-Chain Transfer Protocol (CCTP) has facilitated 66,500 transactions since its release in April 2023. Circle has underscored the importance of novel infrastructure in blockchain-based finance, highlighting USDC’s availability on 15 different blockchains.

What is Circle?

Circle Internet Financial is a global financial technology company that enables businesses of all sizes to leverage digital currencies and public blockchains for global payments, commerce, and financial applications.

It is the issuer of USDC, a digital dollar that can be used for payments and liquidity.

Read: USDC Philippines Guide | Use Cases And Where To Buy USDC

This article is published on BitPinas: Circle’s USDC Report Spotlights Southeast Asia Collabs

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