Coins.ph and Circle will be promoting the use of the stablecoin USDC for faster and cheaper remittances to the Philippines.
Binance Philippines’ Kenneth Stern counts the ways in which blockchain can help OFWs send their money faster and cheaper back to the country.
SWIFT is a key component to any country’s progress in terms of bank transfers, locally and internationally.
The World Bank previously estimated that that there would be a 13% decline in local remittances because of the pandemic.
For the first 9 months, the recorded inflow is $22.2 billion for cash remittances versus US$21.3 billion within the same period last year.
The regulator further said that cash remittances coursed through banks have also increased.
Ripple also said that they are working with a local PH bank but declined to identify it by name.