According to ChainCatcher news, Coins.ph, a cryptocurrency wallet service provider headquartered in the Philippines, has reached a cooperation with Circle, the USDC stablecoin issuer, and plans to promote the use of USDC for international remittances.

Coins.ph CEO Wei Zhou said the partnership aims to provide more convenient remittance options for 18 million Filipino users and their families overseas. It is reported that the Philippines is the fourth largest recipient of remittances in the world, and remittances from overseas Filipino workers remain the backbone of the Philippine economy. In 2022, the Bangko Sentral ng Pilipinas’ remittance flows reached $36.1 billion.