Coins.ph and Circle Promote Financial Inclusion in the Philippines Through Remittances

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Coins.ph Partners with Circle to Revolutionize Remittances for Millions in the Philippines

Coins.ph, a leading cryptocurrency exchange and digital wallet provider in the Philippines, has announced a strategic collaboration with Circle Internet Financial (Circle), a global fintech firm and the issuer of USDC. The partnership aims to promote USDC-denominated remittances as a secure, cost-effective, and rapid solution for international money transfers, catering to the 18 million users of Coins.ph.

USDC, a regulated stablecoin backed by the U.S. dollar, operates on global blockchains, ensuring seamless, 24/7 transactions with minimal costs. As remittances continue to be a vital component of the Philippines’ economy, traditional channels often involve high fees and prolonged transaction times, posing challenges for the unbanked population.

The collaboration between Coins.ph and Circle seeks to enhance the existing remittance landscape, beginning with educational initiatives to empower Filipinos abroad to utilize USDC for their remittance needs. By facilitating real-time settlements and reducing transaction costs, the partnership aims to transform the remittance experience for millions of Filipinos, starting with the Philippines, a key global recipient of remittances.

Wei Zhou, CEO of Coins.ph, highlighted the potential of USDC to provide a more accessible and efficient remittance option for their user base, emphasizing the company’s commitment to delivering impactful and innovative services.

Raagulan Pathy, vice president for Asia Pacific at Circle, emphasized the shared goal of making money movement more accessible and efficient, aligning with the United Nations’ Sustainable Development Goal of reducing the cost of migrant remittances.

The collaboration signifies not only the practical application of digital currencies in improving financial accessibility but also underscores a shared vision for a more inclusive financial future. Coins.ph and Circle anticipate further collaboration as they strive to expand their services and promote greater financial inclusion across Southeast Asia.