Cash.ph, a cryptocurrency change based mostly within the Philippines, has partnered with USDC stablecoin issuer Circle Web Monetary to advertise using USDC remittances for worldwide cash transfers.
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- “Cash.ph’s partnership with Circle goals to point out how USDC can present a quicker, lower-cost, and extra accessible remittance choice for our 18 million Filipino customers and their households and family members overseas,” mentioned Cash.ph Chief Govt Officer Wei Zhou in a press launch on Tuesday.
- In accordance with the Bangko Sentral ng Pilipinas (BSP), the nation’s central financial institution, remittances from abroad Filipino staff proceed to be a significant contributor to the Philippines’ economic system. In 2022, BSP recorded US$36.1 billion in remittance flows.
- The Philippines is the fourth largest recipient of remittances on the planet.
- “By making cross-border transactions close to real-time and dramatically decreasing transaction prices, we assist the United Nations’ Sustainable Growth Aim of decreasing to lower than 3% the transaction value of migrant remittances by 2023,” mentioned Raagulan Pathy, Circle’s vp for Asia-Pacific.
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