Circle Internet Financial (Circle), a stablecoin issuer, has partnered with
Coins.ph, a cryptocurrency exchange based in the Philippines, to promote
USDC-denominated remittances. According to a statement released by the
company, the service aims to offer a secure, cost-effective, and nearly
instant solution for international money transfers for users.
Coins.ph's CEO, Wei Zhou, said: "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. 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."
A Game-Changer in Cross-Border Remittances?
The traditional remittance landscape in the
Philippines has been affected by high fees and lengthy transaction times.
According to the World Bank, as cited by Circle, the average cost of sending a
remittance of $200 to Asia in 2022 was 5.7%. This situation is
further exacerbated by the fact that 44% of the adult population in the
Philippines is unbanked, as reported by the country's central bank in 2021.
In response to these challenges, the partnership is aimed at changing the remittance sector in the
Philippines, the fourth largest recipient of remittances globally. Their
strategy involves launching educational campaigns and community engagement
initiatives to empower Filipinos abroad to embrace USDC for remittances.
Exciting times ahead! 🤝
We're teaming up with @circle to shape a more inclusive financial landscape for Filipinos through #USDC 🇵đź‡
Stay connected as we work together to unlock new possibilities 🚀 pic.twitter.com/FUytXovAQv
— Coins.ph (@coinsph) October 11, 2023
In June, Circle Singapore, the local subsidiary of
the stablecoin
Stablecoin
Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including
Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including
Read this Term issuer, strengthened its presence in Asia by securing a Major Payment Institution license from the Monetary Authority of Singapore.
This license allows the company to offer various digital payment token
services, such as cross-border and domestic money transfers. Additionally, the
company will introduce the Circle Account, providing institutional clients with
access to USDC.
Circle's Global Expansion
Notably, this latest achievement by Circle Singapore
follows the footsteps of other well-known cryptocurrency exchanges, such as
Coinbase, Crypto.com, and Blockchain
Blockchain
Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp
Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp
Read this Term.com, all of which have received similar
licenses from the Singaporean regulator.
Meanwhile, Coinbase acquired an undisclosed equity
stake in Circle in August. In addition to this development, the two companies
jointly announced the discontinuation of the Centre Consortium, a
self-governance body responsible for overseeing the USDC stablecoin. This
significant decision comes amid a growing regulatory framework for stablecoins
in the United States.
Circle Internet Financial (Circle), a stablecoin issuer, has partnered with
Coins.ph, a cryptocurrency exchange based in the Philippines, to promote
USDC-denominated remittances. According to a statement released by the
company, the service aims to offer a secure, cost-effective, and nearly
instant solution for international money transfers for users.
Coins.ph's CEO, Wei Zhou, said: "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. 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."
A Game-Changer in Cross-Border Remittances?
The traditional remittance landscape in the
Philippines has been affected by high fees and lengthy transaction times.
According to the World Bank, as cited by Circle, the average cost of sending a
remittance of $200 to Asia in 2022 was 5.7%. This situation is
further exacerbated by the fact that 44% of the adult population in the
Philippines is unbanked, as reported by the country's central bank in 2021.
In response to these challenges, the partnership is aimed at changing the remittance sector in the
Philippines, the fourth largest recipient of remittances globally. Their
strategy involves launching educational campaigns and community engagement
initiatives to empower Filipinos abroad to embrace USDC for remittances.
Exciting times ahead! 🤝
We're teaming up with @circle to shape a more inclusive financial landscape for Filipinos through #USDC 🇵đź‡
Stay connected as we work together to unlock new possibilities 🚀 pic.twitter.com/FUytXovAQv
— Coins.ph (@coinsph) October 11, 2023
In June, Circle Singapore, the local subsidiary of
the stablecoin
Stablecoin
Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including
Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including
Read this Term issuer, strengthened its presence in Asia by securing a Major Payment Institution license from the Monetary Authority of Singapore.
This license allows the company to offer various digital payment token
services, such as cross-border and domestic money transfers. Additionally, the
company will introduce the Circle Account, providing institutional clients with
access to USDC.
Circle's Global Expansion
Notably, this latest achievement by Circle Singapore
follows the footsteps of other well-known cryptocurrency exchanges, such as
Coinbase, Crypto.com, and Blockchain
Blockchain
Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp
Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp
Read this Term.com, all of which have received similar
licenses from the Singaporean regulator.
Meanwhile, Coinbase acquired an undisclosed equity
stake in Circle in August. In addition to this development, the two companies
jointly announced the discontinuation of the Centre Consortium, a
self-governance body responsible for overseeing the USDC stablecoin. This
significant decision comes amid a growing regulatory framework for stablecoins
in the United States.
