PayPal USD

<p>Coins.ph, the Philippines’ leading cryptocurrency exchange, has forged a strategic alliance with Paxos Trust Company, a New York-based institution specializing in blockchain, aiming to propel the adoption of PayPal USD (PYUSD) for seamless cross-border remittances.</p><h2 id="header-0">Targeting fourth largest remittance market</h2><p>The Southeast Asian firm outlined details of the partnership via a <a href="https://coins.ph/blog/frictionless-remittances-with-paypalusd/" rel="noopener noreferrer nofollow">blog post</a> published to its website on Tuesday. The integration of PYUSD into Coins.ph marks a significant milestone, providing Filipinos with a secure and convenient avenue for transferring funds across borders to their loved ones. Wei Zhou, CEO of Coins.ph, emphasized the foresight in prioritizing the growth of USD stablecoins, particularly PYUSD, acknowledging the Philippines as the fourth largest remittance-receiving country globally, with over 40% of these remittances originating from the United States. Zhou stated:</p><p>“With PayPal behind it and its availability on platforms such as Venmo and Xoom, PYUSD is set to become one of the most widely used stablecoins in the world.”</p><p>PYUSD is a U.S. dollar stablecoin promoted by American multinational payment system PayPal and issued by Paxos.</p><p>Nick Robnett, Senior Director of Customer Success at Paxos, echoed Zhou’s sentiment, stating that PYUSD stands as the safest dollar-backed stablecoin accessible to global institutions and consumers. This regulated digital asset enables Coins.ph users to send U.S. dollars swiftly and affordably, challenging conventional remittance networks and providing enhanced access and economic freedom.</p><h2 id="header-1">Asian expansion</h2><p>This latest collaboration in the Philippines comes hot on the heels of similar in-roads made elsewhere in Southeast Asia. In Singapore, Paxos has<a href="https://medium.com/&#64;coinness.gl/crypto-com-becomes-preferred-platform-for-paypals-pyusd-40a9bb7f8e9e" rel="noopener noreferrer nofollow"> partnered</a> with Crypto.com, an entity that is headquartered in the city-state. The local regulator, the Monetary Authority of Singapore (MAS), had outlined a new regulatory framework for stablecoins in August, making conditions right for Paxos to further develop its PYUSD offering from that location.</p><p>It got a further boost last week when MAS <a href="https://medium.com/&#64;coinness.gl/paxos-gets-green-light-from-singapore-regulator-for-usd-stablecoin-216ab1cef258" rel="noopener noreferrer nofollow">awarded</a> its local subsidiary, Paxos Digital Singapore Pte. Ltd., in-principle approval to trade within Singapore. The relatively new stablecoin has already been listed on international crypto exchanges such as Bitstamp, Coinbase and Kraken.</p><h2 id="header-2">Philippine potential</h2><p>The Philippines is shaping up to have a lot of potential for Paxos and its PYUSD stablecoin. The country has been <a href="https://medium.com/&#64;coinness.gl/philippines-delays-crypto-framework-publication-74452cae8bfb" rel="noopener noreferrer nofollow">working on</a> the publication of a regulatory framework for crypto. Coins.ph Head of Legal Compliance, Robert De Guzman, <a href="https://medium.com/&#64;coinness.gl/the-philippines-forging-crypto-reg-path-us-could-learn-from-3d6e3d20c43e" rel="noopener noreferrer nofollow">stated</a> in April that the Southeast Asian country was shaping a progressive crypto regulatory framework. Earlier this year, Donald Lim, the Founder of the Blockchain Council of the Philippines (BCP), <a href="https://medium.com/&#64;coinness.gl/blockchain-council-exec-philippines-poised-for-crypto-adoption-4aee48ce3cd8" rel="noopener noreferrer nofollow">said</a> that the country was poised for crypto adoption.</p><p>For users keen on employing PYUSD for remittances, the process is streamlined. Senders transmit PYUSD to the designated Coins.ph wallet address of recipients, from where easy conversion to the Philippine peso (PHP) on the app and subsequent cash-out becomes possible. This can be facilitated through InstaPay or PESONet fund transfers to banks and other e-wallets or through various supported over-the-counter remittance centers endorsed by Coins.ph.</p>

Coins.ph partners with Paxos to further PYUSD adoption

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