Coins.ph, Circle Partner to Promote USDC Remittances

• Coins.ph and global fintech firm Circle partner to promote USDC-denominated remittances in the Philippines, targeting the country’s 18 million e-wallet users.
• The initiative kicks off with educational programs aimed at instructing Overseas Filipinos on leveraging USDC for remittance needs.
• The e-wallet also offers a USDC HODL & EARN Program, allowing users to earn 5% annually on their USDC holdings.

In an effort to promote financial inclusion through remittances to the Philippines, homegrown e-wallet and cryptocurrency exchange Coins.ph and Circle Internet Financial (Circle), a global fintech firm and issuer of USDC, announced a strategic partnership. The initiative aims to raise awareness of USDC-denominated remittances as a secure, low-cost, and near-instant solution for international money transfers for the 18 million Filipino users of Coins.ph.

Coins.ph and Circle Partnership

To begin driving awareness on USDC usage, both companies will facilitate educational outreach and community engagement programs that aim to instruct overseas Filipinos on how to use USDC for their remittance needs.

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

Wei Zhou, CEO, Coins.ph

“Working with Coins.ph is an extension of how Circle is making the movement of money more accessible, inclusive and efficient.”

Raagulan Pathy, Vice President for Asia Pacific, Circle

Pathy emphasized that their collaboration would make cross-border transactions nearly instantaneous and dramatically reduce transaction costs, supporting the United Nations’ Sustainable Development Goal of reducing the transaction cost of migrant remittances to less than 3 percent by 2023. 

Coins.ph also emphasized that the partnership not only highlights the real-world impact of digital currencies on millions of lives, but also signals a shared vision for the future by both companies.

“As Coins.ph envisions expanding our services to reach more Southeast Asian markets, we remain determined to facilitate greater access to financial services and dismantle traditional barriers. We are at the beginning of this partnership with Circle, and we anticipate further collaboration in our shared mission to foster a more inclusive financial future.”

Wei Zhou, CEO, Coins.ph

USDC Remittance

According to Coins.ph, the use of USDC on global blockchains with low barriers and minimal transaction costs is increasingly facilitating international cross-border payments and money transfers. 

This is especially because USDC is a stable and regulated digital currency that operates 24/7, moves quickly online, and can always be exchanged for U.S. dollars at a 1:1 ratio. 

The firm also referred to data from the Bangko Sentral ng Pilipinas (BSP), which stated that remittances amounting to $36.1 billion flowed into the country in 2022 alone. 

“However, conventional remittance channels often involve high fees and lengthy transaction times. The average cost of sending a $200 remittance to the Asia region in 2022 is 5.7%, according to the World Bank. In the Philippines, remittances are even more challenging for the unbanked, who comprised 44% of the adult population in 2021, according to the country’s central bank,” Coins.ph explained.

As a result, the firm noted that USDC has gained global recognition as a trusted stablecoin, and its applications range from delivering humanitarian aid and relief to facilitating e-commerce and cross-border transactions and serving as an integral component of decentralized finance (DeFi) platforms.

It should be noted that universal bank BDO in the Philippine participated in a pilot study on using stablecoins on remittances.

USDC in Coins.ph

Coins.ph made available the buying, selling, and holding of USDC on its platform after listing the stablecoin in July 2021.

Recently, Coins.ph has introduced the USDC HODL & EARN Program, allowing users to earn 5% annually on their USDC holdings. To participate, users must maintain a minimum balance of 20 USDC in their Coins.ph wallet for at least one week, with rewards credited weekly. 

Read: What is USDC and Where to Buy It in the Philippines

Blockchain in PH Remittance: 

This article is published on BitPinas: Coins.ph, Circle Partner to Provide USDC Remittances

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