Remitly and Coins.ph Target US and Canada for New Stablecoin Remittance Service

Philippine digital asset exchange Coins.ph has announced a strategic collaboration with digital financial services provider Remitly. This partnership aims to introduce a stablecoin-powered remittance solution.

The initiative initially targets Overseas Filipino Workers (OFWs) in the United States and Canada. Its primary goal is to facilitate near-instant and low-cost money transfers.

The partnership utilises a “stablecoin rail” to process cross-border payments.

Under this system, fiat currency sent from abroad (specifically US dollars or Canadian dollars) is converted into stablecoins through Remitly’s platform.

The funds are then settled in Philippine pesos directly into a recipient’s Coins.ph e-wallet or connected bank account.

The service addresses a significant market; approximately four million OFWs currently reside in the US and Canada. Together, these two nations account for 45% of the total remittances sent back to the Philippines.

Wei Zhou, Chief Executive Officer of Coins.ph, described the move as a step towards making digital assets a core part of financial infrastructure.

While the immediate focus is on North America, the technology allows Remitly to potentially process funds from its wider global network, which spans over 170 countries and serves an estimated 8.9 million quarterly active users.

Gene Nigro, Vice President of Business Development at Remitly, noted that integrating stablecoin technology helps accelerate their mission.

Featured image by Shoaib Farooqi via Freepik.

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