US digital currency company Circle and Filipino cryptocurrency exchange Coins.ph are partnering to increase the use of Circle's stablecoin, US Dollar Coin (USDC), in remittances.
The firms are hoping to reduce the cost of sending money across borders for the 18 million users of Coins.ph, around 44% of whom were unbanked in 2021, according to a recent study by the Philippines Central Bank.
Traditional remittance methods in the country usually attract high fees and are slow.
Circle and Coins.ph also plan to educate and engage with the Filipino community on using USDC for remittances.
The partnership will "provide a faster, lower-cost and more accessible remittance option" for Coins' users, according to CEO Wei Zhou.