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<ul>
 <li>Coins.ph partners with Circle to promote USDC remittances for Filipino users.</li>
 <li>USDC, a stablecoin, aims to enhance cross-border payments in the Philippines.</li>
 <li>The collaboration will reduce costs and improve financial inclusion for 18 million users.</li>
</ul>
<p><a href="https://coins.ph/" target="_blank" rel="noopener noreferrer nofollow">Coins.ph</a>, the Philippines’ premier crypto exchange and digital wallet provider, has announced a strategic partnership with Circle Internet Financial (Circle). The latter is a global fintech company and <a href="https://cryptonewsland.com/usdc-achieves-strong-liquidity-milestones-amid-stablecoin-frenzy/" target="_blank" rel="noopener noreferrer nofollow">issuer of USDC</a>.</p>
<p>Circle aims to promote USDC-denominated remittances as a secure, cost-effective, and near-instant solution for international money transfers for the 18 million Filipino users of Coins.ph.</p>
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   <p lang="en" dir="ltr">ICYMI: We are collaborating with <a href="https://twitter.com/coinsph?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@coinsph</a> to drive financial inclusion through <a href="https://twitter.com/search?q=%24USDC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$USDC</a> for over 18 million Filipino users. <br><br>Together, we aim to drive awareness of USDC-denominated remittances as a secure, low-cost and near-instant solution for international money transfers.<br><br>We… <a href="https://t.co/Zr1QdlLwQd" rel="noopener noreferrer nofollow">pic.twitter.com/Zr1QdlLwQd</a></p>— Circle (@circle) <a href="https://twitter.com/circle/status/1711960890625642503?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">October 11, 2023</a>
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<p>In detail, USDC is a regulated, fully-backed digital dollar, or stablecoin, available 24/7, designed for fast online transactions and always redeemable at a 1:1 ratio for U.S. dollars. As USDC operates on global blockchains with minimal transaction costs, it is increasingly playing a crucial role in facilitating cross-border payments and remittances worldwide.</p>
<p>In 2022, remittance flows in the Philippines reached an astounding $36.1 billion, as reported by the Bangko Sentral Ng Pilipinas (Central Bank of the Philippines). Despite the crucial role remittances play in the country’s economy, traditional remittance channels often entail high fees and lengthy transaction times.&nbsp;</p>
<p>According to the World Bank, the average cost of sending a $200 remittance to the Asia region in 2022 was 5.7%. In the Philippines, the challenge is even more significant for the unbanked, comprising 44% of the adult population in 2021, as per the central bank.</p>
<p>Coins.ph and Circle’s <a href="https://www.circle.com/en/pressroom/coins.ph-and-circle-to-promote-financial-inclusion-through-remittances-in-the-philippines" target="_blank" rel="noopener noreferrer nofollow">partnership</a> aims to revolutionize the remittance landscape by enabling real-time settlements and minimal transaction costs, <a href="https://cryptonewsland.com/philippines-smart-communications-leaps-into-web3-era-with-blockchainspace/" target="_blank" rel="noopener noreferrer nofollow">starting in the Philippines</a>, the fourth-largest global recipient of remittances. The initiative begins with educational campaigns and community engagement to help Filipinos abroad embrace USDC for remittances.</p>
<p>USDC’s reputation as a trusted stablecoin extends worldwide, with applications ranging from humanitarian aid and e-commerce to cross-border transactions and integral roles in decentralized finance (DeFi) platforms.</p>
<p>This partnership not only showcases the tangible impact of digital currencies on millions of lives but also demonstrates the shared vision of both companies for a more inclusive financial future.</p>
<h4 class="wp-block-heading" id="h-read-also">Read Also</h4>
<ul class="wp-block-yoast-seo-related-links">
 <li><a href="https://cryptonewsland.com/coins-ph-is-giving-away-an-axie-meta-team-or-axie-land/" rel="noopener noreferrer nofollow">Coins.ph Is Giving Away an Axie Meta Team or Axie Land</a></li>
 <li><a href="https://cryptonewsland.com/nigeria-received-20-9b-worth-of-btc-remittances-in-2022/" rel="noopener noreferrer nofollow">Nigeria Received $20.9B Worth of BTC Remittances in 2022</a></li>
 <li><a href="https://cryptonewsland.com/circle-makes-bold-usdc-move-amid-stablecoin-mayhem/" rel="noopener noreferrer nofollow">Circle Makes Bold USDC Move Amid Stablecoin Mayhem</a></li>
 <li><a href="https://cryptonewsland.com/ripples-odl-and-xrp-powering-japans-sbi-remittance-revolution-in-asia/" rel="noopener noreferrer nofollow">Ripple’s ODL and XRP Powering Japan’s SBI Remittance Revolution in Asia</a></li>
 <li><a href="https://cryptonewsland.com/circle-and-coinbase-announce-new-charted-course-for-usdc/" rel="noopener noreferrer nofollow">Circle and Coinbase Announce New Charted Course for USDC</a></li>
</ul>
<p>The post <a rel="noopener noreferrer nofollow" href="https://cryptonewsland.com/circle-and-coins-ph-enhance-financial-inclusion-through-usdc-remittances/">Circle and Coins.ph Enhance Financial Inclusion through USDC Remittances</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://cryptonewsland.com">Crypto News Land</a>.</p>

Circle and Coins.ph Enhance Financial Inclusion through USDC Remittances

Crypto News Land

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