Circle partners with Coins.ph over Philipines expansion
Global fintech firm Circle has teamed up with Coins.ph to promote the use of USDC for remittances in the Philippines. The collaboration, announced Oct. 10 in a press release, aims to provide a faster, cheaper and more accessible remittance option for the 18 million Filipino users of Coins.ph and their families and loved ones abroad. USDC is a stablecoin backed 1:1 by U.S. dollars and runs on global blockchains, enabling near real-time and low-cost transactions. USDC can also be easily exchanged for local currency or other crypto-assets on Coins.ph. You might also like: Circle incorporates USDC on Polygon According to the World Bank, the Philippines is the world’s fourth largest recipient of remittances, with $36.1 billion in remittance flows in 2022. However, conventional remittance channels often involve high fees and lengthy transaction times. The partnership between Circle and Coins.ph will attempt to improve the existing remittance landscape, starting in the Phili...