In a groundbreaking development poised to redefine cross-border remittances for millions of users, Coins.ph, a leading cryptocurrency exchange, and digital wallet provider in the Philippines, has forged a strategic partnership with Circle, a prominent U.S.-based fintech conglomerate. This collaboration, announced on 10 October 2023, aims to revolutionize the remittance industry by providing faster, more affordable, and accessible options for the 18 million users of Coins.ph, who rely on international money transfers. The partnership is set to alleviate the financial burden of sending remittances, particularly in a region where traditional methods involve high fees and lengthy transaction times.
In related news, Circle, the issuer of the second-largest stablecoin, USDC, has made a groundbreaking announcement. On 10 October 2023, Circle unveiled the launch of native USDC on the Polygon PoS (Proof of Stake) mainnet, heralding a new era for the DeFi ecosystem. This move eliminates the need for cross-network bridges and offers researchers, developers, investors, and dApp users seamless access to $25 billion in USDC liquidity. Additionally, Circle's decision to discontinue support for bridged USDC transactions on Polygon PoS signals a transformative shift in the way digital assets are transacted within this burgeoning ecosystem.
Coins.ph Partners with Circle to Revolutionize Cross-Border Remittances
In a move set to transform the landscape of cross-border remittances for millions of Filipinos, Coins.ph, a leading cryptocurrency exchange, and digital wallet provider in the Philippines, has announced a strategic partnership with Circle. This collaboration aims to provide faster, lower-cost, and more accessible remittance options for the platform's 18 million users.
The High Cost of Sending Money to Asia
According to World Bank data, the average cost of sending a $200 payment to Asia in 2022 was 5.7%, illustrating the financial burden faced by individuals who rely on traditional remittance channels. This challenge is exacerbated in the Philippines, where a substantial portion of the population remains unbanked, accounting for 44% of adults in 2021, as reported by the Philippines Central Bank.
Remittances: A Vital Contributor to the Philippine Economy
The importance of remittances to the Philippine economy cannot be overstated, with a staggering $36.1 billion in remittance flows recorded in 2022 alone. However, high fees and prolonged transaction times associated with traditional remittance methods have long hindered the efficiency and affordability of these essential transfers.
A Bold Partnership with a Transformative Vision
In response to these challenges, the partnership between Circle and Coins.ph seeks to revolutionize the remittance industry, beginning with the Philippines, one of the world's largest recipients of remittances. Their ambitious project includes comprehensive educational campaigns and community engagement initiatives designed to empower Filipinos abroad with the knowledge and tools to utilize USDC for remittances.
Wei Zhou, CEO of Coins.ph, on the Partnership
Wei Zhou, CEO of Coins.ph, expressed his enthusiasm for the partnership, saying, "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."
Coins.ph: A Hub for Cryptocurrency and Financial Solutions
Coins.ph, established in 2014, is a prominent cryptocurrency exchange and digital wallet platform in the Philippines. In addition to enabling cryptocurrency transactions, Coins.ph allows users to conveniently pay bills and remit money through its digital wallet, offering a holistic financial solution for its customer base.
A New Era of Remittance Services
With the Circle partnership, Coins.ph aims to usher in a new era of remittance services, simplifying the process, reducing costs, and providing access to financial services for the millions of Filipinos who rely on international money transfers to support their families and loved ones. This collaboration marks a significant step forward in the evolution of financial technology in the Philippines, benefiting both the unbanked and the broader population.
Circle Launches Native USDC on Polygon PoS Network
In related news, Circle announced the launch of native USDC on the Polygon PoS (Proof of Stake) mainnet. This move opens up a world of possibilities for researchers, developers, investors, and dApp users within the Polygon ecosystem.
A Game-Changer for Polygon dApps
The introduction of native USDC on Polygon PoS represents a game-changing moment for the DeFi ecosystem built on the Polygon network. With Circle Mint and Circle APIs now fully supporting Polygon PoS USDC, users gain seamless access to a staggering $25 billion in USDC liquidity, eliminating the need for cross-network bridges.
End of Support for Bridged USDC
In another key announcement, Circle revealed that on 10 November 2023, support for deposits and withdrawals of bridged USDC.e on Polygon PoS will be discontinued for Circle Mint and its API services. Following this date, only native USDC transactions will be supported. Circle representatives urge Polygon dApp customers to refrain from depositing USDC.e after 10 November, as any funds sent may become irretrievable.
Unlocking a World of Possibilities
Circle's move to integrate USDC natively on Polygon PoS opens up a world of possibilities for a wide range of users and applications. Exchanges, digital wallets, institutional traders, and developers can harness the power of Polygon PoS USDC via Circle Mint and Circle APIs for various use cases:
- Low-Cost Payments and Remittances: Users can make low-cost, high-speed international payments and remittances that settle in seconds.
- 24/7 Trading: The integration facilitates round-the-clock trading on popular platforms like Aave, Uniswap, and Quickswap.
- Borrowing and Lending: Users can participate in borrowing and lending activities, enabling efficient capital allocation within the DeFi ecosystem.
- Banking Without a Bank: This development allows users to store their savings in digital dollars, bypassing the need for a traditional bank account.
CCTP for Arbitrum Developers
In addition to the USDC integration on Polygon, Circle also announced that their cross-blockchain protocol, the Circle Cross-Blockchain Transfer Protocol (CCTP), is now available for Arbitrum (ARB) developers. Thanks to the innovative Wormhole Connect technology, developers of Arbitrum dApps can seamlessly incorporate support for the USDC stablecoin within their protocols.
This strategic move by Circle not only enhances the functionality and convenience of the DeFi ecosystem on Polygon but also opens up new opportunities for developers and users across different blockchain networks. As the DeFi space continues to evolve, native USDC on Polygon is poised to become a cornerstone for innovation and efficiency, transforming the way digital assets are transferred, traded, and utilized within the crypto community.
At press time, USDC was trading at $1, maintaining its peg to the fiat currency. Data from the cryptocurrency price tracking website, CoinStats, indicated that the stablecoin’s price had risen 0.02% over the past 24 hours. Meanwhile, USDC’s biggest competitor, Tether (USDT), was trading slightly below the $1 mark at $0.997953. This was after the leading stablecoin suffered a 0.39% loss throughout the past day of trading.
Price chart for USDC (Source: CoinStats)
Meanwhile, USDC strengthened against the market leader Bitcoin (BTC) over the past 24 hours. At press time, CoinStats data indicated that USDC was up 1.03% against BTC. Subsequently, 1 USDC token was estimated to be worth 0.00003731 BTC.