Circle’s Bold Move Into the Philippines
Circle, a key player in the stablecoin game, is looking to make some waves in the Philippines. As of October 10, 2023, they’ve teamed up with Coins.ph, a heavyweight in the local cryptocurrency market. This partnership is expected to open up new avenues for Filipino remittances.
A Partnership with Purpose
The dynamic duo of Circle and Coins.ph is on a mission to transform how Filipino families handle cross-border transactions. By increasing awareness of USDC payments, they aim to slash the costs associated with money transfers. Did you know that, in 2022, sending just $200 to Asia could cost you an average of 5.7%? That’s some serious coin we’re talking about!
The Unbanked Dilemma
In a country where a whopping 44% of adults are unbanked as of 2021, the remittance situation becomes a tangled web. With a staggering $36.1 billion flowing in 2022 alone, remittances are a lifeline for many households. Yet, traditional channels take their sweet time and often come with hefty fees. Circle and Coins.ph are aiming to change all that.
Educational Campaigns and Community Engagement
To make waves in the remittance waters, this partnership will roll out educational initiatives. They plan to engage with communities overseas, helping Filipinos understand how USDC can simplify their financial transactions. Can you imagine sending money home in a fraction of the time with lower costs? Dreamy, right?
Coins.ph: The Local Hero
Founded in 2014, Coins.ph isn’t just a cryptocurrency exchange. As a digital wallet provider, it allows users to pay bills and remit money seamlessly. Coincidentally, the exchange isn’t just about USDC—the competition with Tether (USDT) is fierce, with USDC making up approximately 13% of Coins.ph’s daily trading volume. As of now, that amounts to around $44,500 in USDC trades alone!
Future Forward
Wei Zhou, the CEO of Coins.ph, summed it up beautifully: “This initiative demonstrates our commitment to innovative services that impact everyday lives.” With Web3 tech innovations onboard, the future looks bright for USDC in the Philippine remittance landscape.
