Seattle, Washington & Manila, Philippines – Remitly, a trusted provider of digital financial services that transcend borders and the Philippines’ leading licensed crypto exchange, Coins.ph, today announced a strategic collaboration to launch a stablecoin-powered remittance solution for near-instant, low-cost money transfers between key global markets and the Philippines.
Remitly and Coins.ph’s collaboration directly taps into the accelerating trend of global stablecoin adoption, which is seeing digital assets move from niche technology to essential financial infrastructure.
The new rail allows Remitly, which has a global network that spans over 170 countries and serves an estimated 8.9 million quarterly active users, to process funds from all Remitly send countries directly through Coins.ph’s regulated local infrastructure. At present, there are an estimated four million overseas Filipino workers in the US and Canada, and the two countries jointly account for 45% of the total remittances back to the Philippines.
Leveraging Stablecoin Technology. The solution utilizes a stablecoin rail for funds transfer, converting the sent fiat (either in US$ or CAD$) into stablecoins. This enables near-real-time settlement and minimal latency, ensuring recipients receive PHP funds quickly and directly into their Coins.ph PHP e-wallet or connected bank account.
Wei Zhou, Coins.ph Chief Executive Officer, stated, “Stablecoins are rapidly shifting from niche technology to essential global infrastructure. By partnering with a trusted global leader like Remitly, we are democratizing finance by leveraging stablecoins to cut costs and provide near real-time transfers, ensuring every dollar saved gives overseas Filipinos and their families more value and financial resilience.”
Gene Nigro, VP of Business Development at Remitly, added, “By integrating stablecoin technology with our trusted global network, we are accelerating our mission to transform lives with trusted financial services, ensuring that every dollar means more for the families that rely on these essential transfers.”
About Remitly
Remitly is a trusted provider of digital financial services that transcend borders. With a global footprint spanning more than 170 countries, Remitly’s digitally native, cross-border payments app delights customers with a fast, reliable, and transparent money movement experience. Building on its strong foundation, Remitly is expanding its suite of products to further its vision and transform lives around the world.
About Coins.ph
Coins.ph is an all-in-one financial app for millions, seamlessly fusing traditional finance with digital assets. Established in 2014, it stands as the Philippines’ premier cryptocurrency exchange. Licensed by the BSP as both a virtual asset marketplace and a mobile wallet, the platform empowers users to trade, execute payments, and utilize crypto remittance for sending and receiving funds quickly and affordably, all in one secure place.
Source: https://coingeek.com/remitly-and-coins-ph-leverage-stablecoin-technology-to-transform-cross-border-payments-to-the-philippines/
