Circle Teams Up with Coins.ph to Boost USDC use in the Philippines

Philippine company Coins-ph and Circle, known for the USDC stablecoin, are partnering up. Their plan is to make sending USDC money easier and popular in the Philippines, according to a recent press release.

Coins-ph  is an exchange that helps people exchange and hold crypto. It wants to give people secure, quick, and cheap options to send money across borders using USDC, a stablecoin that equals 1 US dollar.

Remittances, or sending money, is a big deal in the Philippines, bringing in $36.1 billion in 2022, as per the Philippines central bank. While important for the economy, traditional ways of sending money can be slow and costly.

The World Bank shares that, in 2022, traditional ways of making international transactions could cost around $200, which is approximately 5.7%. With USDC, Coins-ph and Circle hope tocut costs significantly, aiming for the United Nations’ goal of making these costs 3% or less.

USDC use could also help more people, including the 44% of adults in the Philippines who do not use banks, to be included in financial activities.

Raagulan Pathy, from Circle, highlighted that this method supports the United Nations’ goal to reduce the cost of sending migrants money to below 3% by 2023, thereby aiding economic opportunities in the Philippines.