Circle Collaborates With Philippines Exchange To Promote USDC Remittances

While Circle faces significantly big competition from rival stablecoins issued by Tether (CRYPTO: USDT) and PayPal (CRYPTO: PYUSD), its recent developments like minting native (CRYPTO: USDC) coin, partnerships and integrations across, have taken the USDC issuer on a roll. The company is aiming to roll out the stablecoin on six more blockchain networks in the upcoming months.

Find out more on Circle and many other stablecoin issuers. Meet and engage with transformative Digital Asset and Crypto business leaders and investors at Benzinga's exclusive event: Future of Digital Assets. Tickets are flying: Get yours!

What Happened: The leading cryptocurrency exchange and digital wallet provider of the Philippines, Coins.ph, signed a strategic partnership with Circle Internet Financial, the issuer of USDC, to widen knowledge of USDC-denominated remittances as a secure, low-cost, and almost-instant solution for international money transfers. Coins.ph has 18 million Filipino users.

“By making cross-border transactions near real-time and dramatically reducing transaction costs, we support the United Nations' Sustainable Development Goal of reducing to less than 3 percent the transaction cost of migrant remittances by 2023. Together, we’re making critical steps toward increasing economic opportunity and prosperity in the Philippines,” Vice President of Asia Pacific at Circle Raagulan Pathy commented.

USDC is not the only stablecoin listed on the Coins.ph exchange. Rival stablecoin, Tether is also listed and represents a significantly higher share in daily trading volumes. USDC accounts for only 13% of the daily trading in Tether.

Why It Matters: The Philippines is the fourth largest recipient of remittances in the world. Based on Philippines Central Bank data, the Philippines faces a very complicated remittance situation for the unbanked which was 44% of the adult population in 2021. However, remittances form a major contributor to the Philippines economy with $36.1 billion in 2022 remittances flow. Traditional remittance channels involve high fees and longer transaction times.

Also Read: Coinbase Acquires Equity Stake In Circle: A New Era For USDC

The current project includes educational campaigns and community engagement initiatives for assisting Filipinos in learning USDC for remittances. With USDC running on global blockchains, it will assist in facilitating cross-border payments and remittances worldwide.

Benzinga's Future of Digital Assets conference is scheduled for Nov. 14. Attend and learn more about crypto remittances. The gathering is seen as pivotal for the digital assets community. The event will spotlight the latest trends, innovations, and challenges in the digital asset realm.

Photo: Shutterstock

Market News and Data brought to you by Benzinga APIs

To add Benzinga News as your preferred source on Google, click here.