{"id":71885,"date":"2023-10-12T13:06:54","date_gmt":"2023-10-12T17:06:54","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/stablecoin-issuer-circle-pushes-for-usdc-adoption-in-the-philippines-whats-going-on\/"},"modified":"2023-10-12T13:06:57","modified_gmt":"2023-10-12T17:06:57","slug":"stablecoin-issuer-circle-pushes-for-usdc-adoption-in-the-philippines-whats-going-on","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=71885","title":{"rendered":"Stablecoin-Issuer Circle Pushes for USDC Adoption in the Philippines \u2013 What’s Going On?"},"content":{"rendered":"
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Stablecoin issuer Circle has teamed up with Coins.ph, a major Philippine crypto exchange and crypto wallet provider, to enhance financial inclusion and improve remittances in the Philippines.<\/p>\n

According to an announcement published by Circle on Wednesday, the partnership aims to raise awareness of USDC-denominated remittances as a secure, low-cost, and near-instant solution for international money transfers for Coins.ph\u2019s 18 million users.<\/p>\n

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USDC, the stablecoin Circle issues, is regulated in the US and is redeemable 1:1 for US dollars, and ranked as the world\u2019s second-most popular stablecoin after Tether (USDT).<\/p>\n

The stablecoin has a current market capitalization of $25.15 billion.<\/p>\n

Philippines a major hub for remittances<\/h2>\n

The Philippines is known as a major recipient country for remittances, receiving a staggering $36.1 billion in remittances in 2022.<\/p>\n

However, traditional remittance methods often involve high fees and slow transaction times.<\/p>\n

The average cost of sending a $200 remittance to the Asia region in 2022 was 5.7%.<\/p>\n

Moreover, the Philippines’ unbanked population, comprising 44% of adults in 2021, faces even more significant remittance challenges.<\/p>\n

According to Circle\u2019s announcement, the partnership will drive real-time settlements and minimal transaction costs for users.<\/p>\n

The two companies said that the new push will begin with educational campaigns and community engagement initiatives to help Filipinos abroad learn to use USDC for remittances.<\/p>\n

Lower-cost remittances for Filipinos<\/h2>\n

Coins.ph CEO Wei Zhou expressed the partnership’s goal to provide a faster, lower-cost, and more accessible remittance option for their users.<\/p>\n

\u201cCoupled with our recent innovations in Web3 technology, this initiative demonstrates Coins.ph\u2019s commitment to providing users\u2019 access to innovative services that have a tangible impact on their everyday lives,\u201d he said.<\/p>\n

Raagulan Pathy, Vice President for Asia Pacific for Circle, explained that this collaboration supports the United Nations’ Sustainable Development Goal to reduce migrant remittance transaction costs to less than 3% by 2023.<\/p>\n

\u201cTogether, we\u2019re making critical steps toward increasing economic opportunity and prosperity in the Philippines,\u201d Pathy said.<\/p>\n<\/p><\/div>\n