Kenne Michael 
Circle, the issuer of USDC, a stablecoin pegged to the U.S. dollar, is expanding its presence in the Philippines through a new local partnership.
On October 10, Circle announced a strategic partnership with Coins.ph, the Philippines’ leading cryptocurrency exchange and digital wallet provider.
Coins.ph and Circle will collaborate to raise awareness of USDC payments, assist Filipinos in paying less for international money transfers, and expedite transactions.
According to data from the World Bank, the average cost of transferring a $200 payment to Asia in 2022 was 5.7%.
In the Philippines, remittances are even more convoluted for the unbanked, which accounted for 44% of the adult population in 2021, according to the Philippines Central Bank.
“With staggering $36.1 billion in remittance flows in 2022 alone, remittances continue to be a vital contributor to the Philippines’ economy,” Circle and Coins.ph said in a joint announcement. However, traditional remittance channels often involve high fees and lengthy transaction times.
The latest partnership between the companies seeks to improve the existing remittance landscape, beginning with the Philippines, one of the world’s largest remittance recipients globally.
The project includes educational campaigns and community engagement initiatives to assist expatriate Filipinos in utilizing USDC for remittances.
“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,” Coins.ph CEO Wei Zhou said. He added:
“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.”
Coins.ph, founded in 2014, is a prominent cryptocurrency exchange in the Philippines, enabling users to pay bills and remit funds using its digital wallet.
At the time of the announcement, the Coins.ph exchange lists additional stablecoins in addition to USDC.
According to data from CoinGecko, the daily trading volume of USDC on Coins.ph is $44,500, or roughly 13% of the daily trading volume of Tether, a prominent competitor stablecoin.
According to CoinGecko, the exchange trades approximately $1 million daily.