The famous stablecoin company, Circle, managed to attract attention with an announcement it made to the public on October 10th. The issuer of USDC token has established a local partnership in the Philippines. Circle has signed a strategic partnership agreement with Coins.ph, a cryptocurrency exchange and wallet provider operating in the region. Circle officials aim to increase the recognition of USDC with this step.
Circle Makes a Difference for USDC
As part of the partnership, Coins.ph and Circle announced that they will work together to create a difference in commercial transactions using USDC and provide Filipino citizens with low commission and fast transaction advantages for cross-border money transfers.
Officials drew attention to World Bank data in the announcement and emphasized that a 5.7% commission fee should be paid for a $200 cross-border money transfer in the Asian region in 2022. According to the Philippine Central Bank, this situation becomes more complicated with the announcement that 44% of the adult population did not have a bank account in 2021. Company officials stated the following in the announcement:
“Money transfers continue to make a vital contribution to the Philippine economy with a $36.1 billion remittance flow in 2022 alone.”
What are the Noteworthy Steps in the Partnership?
However, people have to pay high commission fees and worry about long transaction times due to traditional remittance channels. With this partnership, the two companies aim to change the rules in cross-border money transfers starting from the Philippines.
Another step in the project is to teach Filipino citizens living abroad to use USDC for remittance. The company officials will organize educational campaigns for this purpose. Wei Zhou, CEO of Coins.ph, stated the following about the partnership:
“The partnership between Coins.ph and Circle aims to demonstrate how USDC can provide a faster, more cost-effective, and more accessible remittance option for our 18 million Filipino users and their families and loved ones abroad. Along with our recent innovations in Web3 technology, this initiative demonstrates Coins.ph’s commitment to providing access to innovative services that have a tangible impact on our users’ daily lives.”
