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Circle Revolutionizes Filipino Remittances: A Leap Towards a Brighter Financial Future

Jack Evans
Oct 11, 2023 at 09:02 pm

The Philippines, as per the World Bank, stands as the world's fourth-largest recipient of remittances, having received an astounding $36.1 billion in 2022. While these remittances provide a lifeline for millions of Filipinos, the traditional channels have long been marred by exorbitant fees and agonizingly slow transaction times. It's time for a transformative change, and Circle, along with Coins.ph, intends to lead the way.

At the heart of this groundbreaking initiative is the USDC, a stablecoin backed 1:1 by the mighty U.S. dollar and operating on global blockchains. The USDC is a game-changer, offering near real-time and cost-effective transactions. Moreover, it seamlessly allows conversion into local currency or other crypto-assets through the Coins.ph platform.

Raagulan Pathy, the Vice President for Asia Pacific at Circle, expresses the profound impact of this collaboration, saying, "Working with Coins.ph is an extension of how Circle is making the movement of money more accessible, inclusive, and efficient. By making cross-border transactions near real-time and dramatically reducing transaction costs, we support the United Nations’ Sustainable Development Goal of reducing to less than 3 percent the transaction cost of migrant remittances by 2023."

This partnership between Circle and Coins.ph is not just a commendable endeavor; it's also part of Circle's grand strategy to expand its footprint in the Asia-Pacific region. Already, Circle has joined forces with industry leaders like Crypto.com, FTX, Huobi Global, and others. In a forward-looking move, Circle has also revealed its plan to go public through a merger with Concord Acquisition Corp, a Special Purpose Acquisition Company (SPAC).

The partnership between Circle and Coins.ph is not merely a fusion of two corporate giants; it's a promise of a brighter financial future for millions of Filipinos. With faster, cheaper, and more accessible remittances powered by USDC, Circle is lighting the path toward a more inclusive and efficient financial ecosystem. This collaboration represents not just a business venture but a profound commitment to making the dreams and aspirations of Filipino families around the world more attainable. As the Philippines takes the lead in pioneering the future of remittances, Circle's expansion in the Asia-Pacific region signifies an exciting era of change and progress in the world of fintech.

Read more: Revolutionizing Remittances: Binance Pay and STICPAY Forge a Crypto-Powered Alliance

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