Circle Partners With Philippines Exchange to Boost USDC Remittances

Vignesh Karunanidhi
Circle Partners With Philippines Exchange to Boost USDC Remittances
Source: The Block

Global stablecoin firm Circle announced a new partnership with leading Philippine crypto platform to drive the adoption of USDC for payments and remittances.

The collaboration aims to leverage USDC’s speed and low cost to improve expensive traditional remittance channels for Filipinos. The Philippines receives over $36 billion in remittances annually.

However, current options like wire transfers involve high fees of up to 5.7% and slow settlement times. The partnership will promote USDC as a faster, more accessible alternative.

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The new partnership will boost USDC remittances

Educational initiatives will help Filipinos abroad learn to use USDC for smoother cross-border transfers. Circle and plan to highlight USDC’s utility for the unbanked, which account for 44% of Philippine adults.

With nearly 18 million users, can significantly expand access and visibility for USDC in the Philippine remittance corridors. Stablecoins like USDC offer a compelling payment rail for global money movement. Collaborations with local exchanges create an on-ramp for converting to fiat currency.

As Circle grows USDC’s presence worldwide, teaming with influential regional platforms like unlocks new real-world use cases beyond just trading. The partnership exemplifies the stablecoin’s expanding role in mainstream fintech.