Circle, the manager of USDC stablecoin, joins forces with Coins.ph, Philippines' crypto exchange, to streamline remittances and amplify digital currency awareness.

As per CoinTelegraph, Circle announced earlier this week that it signed a deal with Coins.ph, a known cryptocurrency exchange and digital wallet in the Philippines.

This is a strategic cooperation between the companies where they will jointly work on raising awareness about USDC payments.

Circle and Coins.ph believe their collaborative efforts will help Filipinos pay less for cross-border transfers. The team-up will also guarantee faster transactions for customers. Their joint venture is also in-line with the United Nation's goal of cutting remittance transaction costs starting this year.

Circle's Presence in the Philippines

With 18 million active users of Coins.ph, Circle hopes to boost its presence in the country as well. It is the issuer of the U.S. dollar-pegged stablecoin USDC, and now it is looking to bring its services to the region via the partnership. Circle promises to make remittance transaction fees more affordable, accessible, and faster transfers for local users.

It was reported that in 2022, based on the data from the World Bank, the average cost of sending $200 cash to Asian regions was 5.7%. In the Philippines, remittances are even more complicated for the unbanked, which refers to remittance centers not served by a bank or similar financial institution. Traditional remittance outlets also imposed higher fees on top of the lengthy transaction times.

Better Remittance Services Awaits the Filipinos

Forkast reported that one of the main aims of Coins. ph's deal with Circle is to display how USDC can better remittance options at lower costs for millions of Filipinos and their loved ones abroad.

Moreover, this new partnership seeks to improve the existing remittance landscape, starting in the Philippines, which is in the top 5 list of the world's largest recipients of remittances worldwide.

"Coins. ph's partnership with Circle aims to show how USDC can provide a faster, lower-cost and more accessible remittance option for our 18 million Filipino users and their families and loved ones abroad," Wei Zhou, the chief executive officer of Coins.ph, said in a statement. "Coupled with our recent innovations in Web3 technology, this initiative demonstrates Coins. ph's commitment to providing users' access to innovative services that have a tangible impact on their everyday lives."

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