Coins.ph, Tether to Launch USDT Education Drive in PH | BitPinas

Editing and additional information by Michael Mislos

• Tether collaborates with Coins.ph to advance financial education in the Philippines, focusing on blockchain technologies, bitcoin, and stablecoins. 
• The partnership offers a range of educational programs, including workshops, online campaigns, and quizzes, to enhance awareness of digital assets.
• The firms aim to offer accessible information and resources to help Filipinos navigate the digital asset landscape effectively.

Tether Operations Limited Inc, the firm behind stablecoin Tether (USDT), recently announced its collaboration with locally licensed cryptocurrency platform Coins.ph to advance financial education in the Philippines, focusing on blockchain technologies, bitcoin, and stablecoins. 

Coins and Tether Partnership

In a statement, the firms stated that the partnership will offer a range of educational programs crafted by Coins.ph to suit various demographics in the country. These initiatives encompass workshops, online campaigns, and interactive quizzes, all aimed at enhancing awareness and comprehension of digital assets and their advantages.

What are stablecoins?

Stablecoins are cryptocurrencies engineered to retain a steady value, typically by linking them to a fiat currency like the U.S. dollar. Unlike volatile cryptocurrencies, stablecoins prioritize stability, providing users with a dependable asset. They fulfill diverse roles, including facilitating trading, remittances, and online financial transactions.

Paolo Ardoino, CEO of Tether, remarked that the Philippines presents significant potential for digital asset adoption and that he is proud of the campaigns that Tether and Coins.ph will launch.

“Through this collaboration with Coins.ph, we hope to equip Filipinos with the knowledge and tools to navigate the exciting world of blockchain technologies.” 

Paolo Ardoino, CEO, Tether

Meanwhile, Wei Zhou, CEO of Coins.ph says the collaboration with Tether is a significant step in growing the digital asset economy.

“A key focus of this will be the use of Stablecoins such as USDT for cross-border payments and remittances.” 

Wei Zhou, CEO, Coins.ph

Zhou also emphasized that the partnership is in line with their mission to ensure that financial services are accessible and inclusive for all individuals in the Philippines. 

The initiative in the Philippines mirrors a similar undertaking of Tether in providing blockchain and stablecoin education in Thailand, Georgia, Uzbekistan, and Africa, the firm stated.

Key areas of consideration for Tether-led knowledge initiatives include:

• Technology
• Stablecoins
• Blockchain
• Peer-to-peer systems

Further, it was noted that the educational programs will serve diverse groups, including:

• Finance professionals
• Overseas Filipino Workers seeking efficient remittance options
• Pawnshop owners and customers
• Individuals curious about cryptocurrency fundamentals.

Market Leader in Stablecoins

USDT is the de-facto market leader not just in the U.S. dollar-pegged stablecoin category but in the entire stablecoin category as well of cryptocurrencies. It is also the third largest cryptocurrency by market capitalization. 

Crypto investors and traders in the Philippines have USDT as top of mind when it comes to stablecoins. The primary usecase is to park money before or after trading crypto like Bitcoin.

This is backed by Coins.ph’s data, where the USDT to Philippine Peso (PHP) trading pair is leading on the platform. In March 2023, Coins.ph added the Tron-based (TRC-20) USDT to its Coins Pro platform, its order book crypto trading platform. 

Still, in a recent talk, Paolo Ardoino shared how stablecoins now permeate various industries, addressing new needs in global finance. 

Ardoino shared that the use of stablecoins has expanded beyond arbitrage to include store of value in countries facing currency devaluation. Additionally, they are increasingly utilized in global commerce, facilitating faster and more efficient trade settlement. 

He noted that this evolution highlights the versatility and potential of stablecoins, paving the way for further innovations in their usage.

Coins.ph Partnership with Other Stablecoin Provider

In October, Coins.ph partnered with global fintech firm Circle to promote USDC-denominated remittances in the Philippines. The collaboration includes educational programs to guide Overseas Filipinos in utilizing USDC for remittances.

The platform listed USDC in July 2021. In a bid to encourage its usage, Coins.ph rolled out the USDC HODL & EARN Program, enabling users to earn a 5% annual return on their USDC holdings. 

In early 2024, Circle applauds Southeast Asia’s increasing adoption of digital currencies, highlighting partnerships with entities like Coins.ph for USDC remittance promotion. The report underscores the growth of digital wallets, projecting significant usage even among the unbanked.

Coins.ph also has a partnership with Paxos Trust Company, issuer of Paypal’s PYUSD. 

Other Coins.ph News

In March, Yield Guild Games (YGG) and Coins.ph partnered to facilitate faster, easier, and cheaper transfers of $YGG tokens to the Ronin network. This collaboration aims to benefit the 92,700 members of YGG Pilipinas by enabling them to avoid a lengthy double-bridging process. With Coins.ph’s in-app Ronin integration, $YGG holders can seamlessly transfer their tokens to the Ronin Network.

Last February, the firm unveiled its aim to expand its reach across five continents, with upcoming targets including Europe and Latin America, after securing licenses across Asia, Africa, and Australia. The company’s vision involves introducing a streamlined solution for international money transfers through cryptocurrency. This solution would allow users abroad to deposit local currency, convert it into stablecoins, and send funds directly to Coins users in the Philippines. 

This article is published on BitPinas: Coins.ph, Tether to Launch USDT Education Drive in PH

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