Circle is working with an exchange platform native to Philippines named Coins.ph for remittance services. The venture will enable faster and lower cost cross-border transactions for 18 million users of the trading platform.
Circle issues the USDC stablecoin pegged to USD and has expanded its business in Philippines by working in tandem with a local virtual currency trading platform. The partnership was announced as part of the plan of the stablecoin issuer to expand its global operations.
Coins.ph and Circle venture are working on providing educational resources to the consumers in the region. At the same time, the venture is an initiative to allow the people of the region for paying smaller amounts for remittance transactions.
At the same time, using USDC for cross-border payments is going to make the transaction process faster and more secure. The cost of transferring $200 to Asia was around 5.7% in 2022 as per World Bank.
USDC Making Financial Services Available to Unbanked Individuals
The access to financial services and remittance payments has some issues in Philippines on account of unbanked population. Data projections shared by Philippines Central Bank indicate that around 44% of the adults in the country did not have a bank account in 2021.
On the other hand, remittance payments were noted to be around $36.1 billion accounting for a major portion of the nation’s GDP. However, the people of the region who are sending remittances through traditional payment options have to account for high transaction fees and prolonged clearance time.
Therefore, Circle and Coins.ph talked about the above mentioned issues that the venture intends to address and provide a solution for. The partnership goes towards to solve the problems associated with the existing remittance network starting with Philippines.
The country is one of the biggest remittance recipients in the world. At the same time, the project has included educational initiatives to allow students from the region residing abroad to gain awareness about USDC payment options and opt for remittances.
Coins.ph CEO Briefs Media Regarding the Scope of Partnership with USDC
Coins.ph CEO Wei Zhou recently told media that Circle has partnered with the trading platform to make way for faster, economic, and more accessible remittance options.
He retained that 18 million users on the platform and their families will be able to access the services for easier remittance options. Coins.ph was introduced in 2014 and it is also working on developing Web3 services according to the executive.
USDC is one of the stablecoins that are listed on the Coins.ph. CoinGecko data indicates that the daily trading volume of USDC on the trading platform is around $44,500. The trading volume of the exchange is $1 million per day per the same blockchain analytics services provider.
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