USD Coin (USD) issuer Circle attracted the attention of the cryptocurrency market by making two important developments in a short time.
Stablecoin issuer Circle 10-11 October It has made two important developments in its history. one of the announcements in the philippines the other about a partnership provided polygon (MATIC) network integration was specific.
Circle, a major cryptocurrency exchange and digital wallet provider in the Philippines, launched on October 11. coins.ph He declared that he had established a strategic partnership with. Thanks to this partnership, Filipinos low cost of cross-border money transfers And at high speed It was stated that it would be possible to carry out the transaction.
In the joint announcement made by Circle and Coins.ph, unbanked population billions of dollars in transfers with high transaction fees It was emphasized that this partnership would provide a solution to an important problem:
Remittances continue to make a vital contribution to the Philippine economy, with $36.1 billion in remittance flows in 2022 alone. Coins.ph’s partnership with Circle aims to showcase 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 overseas.
In the Philippines, according to the Central Bank of the Philippines 2021 adult population in 44% He did not have a bank account and this led to serious commissions It meant billions of dollars of paid transactions. However, this segment, called the unbanked and immigrant class, has an average of they spend 5% specified. The transaction fee rate of this established partnership reduce it to less than 3% is planned.
Support for polygon network
Another development that is important for Circle is that USDC polygon support added to network happened. Made by the team in the announcementIt was stated that they started to serve in the Polygon network.
According to the announcement, thanks to this integration, businesses and developers can receive money via USDC on Polygon. decentralized applications they will be able to create. This integration provided payments, transfers, purchase and sale, borrowing money And lending It will provide high speed and low cost in various usage areas, including.