Circle, the company behind the US dollar-pegged stablecoin USDC, has forged a strategic alliance with Coins.ph, one of the Philippines’ leading cryptocurrency exchanges and digital wallet providers. This collaboration aims to revolutionize the remittance landscape for the 18 million users of Coins.ph by offering a remittance solution that is faster, more cost-effective, and more accessible.

USDC is a stablecoin, which means it’s a type of cryptocurrency that aims to maintain a stable value by being pegged to a reserve asset, in this case, the US dollar. This makes USDC less volatile than other cryptocurrencies, offering a digital equivalent to the dollar that can be used for various online financial transactions.

The partnership comes at a critical time, as the Philippines saw a staggering $36.1 billion flow into the country through remittances in 2022, a significant contribution to the nation’s economy. However, the traditional channels for these remittances are often laden with high fees and slow transaction times, particularly impacting 44% of the unbanked adult population, as reported by the Philippines Central Bank in 2021.

By leveraging USDC, Circle, and Coins.ph aims to address these challenges head-on. The joint initiative will facilitate more efficient cross-border payments and launch educational campaigns and community engagement initiatives. These efforts help to empower Filipinos, especially those living abroad, with the knowledge and tools to use USDC for their remittance needs, potentially transforming the financial landscape for one of the world’s top recipients of remittances.

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