The stablecoin issuer Circle has partnered with
Coins.ph, a cryptocurrency exchange based in the Philippines, to promote
USDC-denominated remittances. According to a statement released by the
company, the service aims to offer a secure, cost-effective, and nearly
instant solution for international money transfers for users.
Coins.ph’s CEO, Wei Zhou, said: “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. Coupled with our recent innovations in
Web3 technology, this initiative demonstrates Coins. ph’s commitment to
providing users access to innovative services that have a tangible impact on
their everyday lives.”
The traditional remittance landscape in the
Philippines has been affected by high fees and lengthy transaction times.
According to the World Bank, as cited by Circle, the average cost of sending a
remittance of $200 to the Asia region in 2022 was 5.7%. This situation is
further exacerbated by the fact that 44% of the adult population in the
Philippines is unbanked, as reported by the country’s central bank in 2021.
In response to these challenges, the partnership
between Coins.ph and Circle is aimed at changing the remittance sector in the
Philippines, the fourth largest recipient of remittances globally. Their
strategy involves launching educational campaigns and community engagement
initiatives to empower Filipinos abroad to embrace USDC for remittances.
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In June, Circle Singapore, the local subsidiary of
the stablecoin issuer, strengthened its presence in Asia by securing a Major Payment Institution license from the Monetary Authority of Singapore.
This license allows the company to offer various digital payment token
services, such as cross-border and domestic money transfers. Additionally, the
company will introduce the Circle Account, providing institutional clients with
access to USDC.
Circle’s Global Expansion
Notably, this latest achievement by Circle Singapore
follows the footsteps of other well-known cryptocurrency exchanges, such as
Coinbase, Crypto.com, and Blockchain .com, all of which have received similar
licenses from the Singaporean regulator.
Meanwhile, Coinbase acquired an undisclosed equity
stake in Circle in August. In addition to this development, the two companies
jointly announced the discontinuation of the Centre Consortium, a
self-governance body responsible for overseeing the USDC stablecoin. This
significant decision comes amid a growing regulatory framework for stablecoins
in the United States.
The stablecoin issuer Circle has partnered with
Coins.ph, a cryptocurrency exchange based in the Philippines, to promote
USDC-denominated remittances. According to a statement released by the
company, the service aims to offer a secure, cost-effective, and nearly
instant solution for international money transfers for users.
Coins.ph’s CEO, Wei Zhou, said: “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. Coupled with our recent innovations in
Web3 technology, this initiative demonstrates Coins. ph’s commitment to
providing users access to innovative services that have a tangible impact on
their everyday lives.”
The traditional remittance landscape in the
Philippines has been affected by high fees and lengthy transaction times.
According to the World Bank, as cited by Circle, the average cost of sending a
remittance of $200 to the Asia region in 2022 was 5.7%. This situation is
further exacerbated by the fact that 44% of the adult population in the
Philippines is unbanked, as reported by the country’s central bank in 2021.
In response to these challenges, the partnership
between Coins.ph and Circle is aimed at changing the remittance sector in the
Philippines, the fourth largest recipient of remittances globally. Their
strategy involves launching educational campaigns and community engagement
initiatives to empower Filipinos abroad to embrace USDC for remittances.
Keep Reading
In June, Circle Singapore, the local subsidiary of
the stablecoin issuer, strengthened its presence in Asia by securing a Major Payment Institution license from the Monetary Authority of Singapore.
This license allows the company to offer various digital payment token
services, such as cross-border and domestic money transfers. Additionally, the
company will introduce the Circle Account, providing institutional clients with
access to USDC.
Circle’s Global Expansion
Notably, this latest achievement by Circle Singapore
follows the footsteps of other well-known cryptocurrency exchanges, such as
Coinbase, Crypto.com, and Blockchain .com, all of which have received similar
licenses from the Singaporean regulator.
Meanwhile, Coinbase acquired an undisclosed equity
stake in Circle in August. In addition to this development, the two companies
jointly announced the discontinuation of the Centre Consortium, a
self-governance body responsible for overseeing the USDC stablecoin. This
significant decision comes amid a growing regulatory framework for stablecoins
in the United States.
