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.
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."
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.
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."
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.
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