Coins.ph is expanding the use of stablecoins in cross-border payments as remittance providers look for faster and cheaper ways to move money into the Philippines.
The local crypto platform said it has widened its network of overseas partners to support stablecoin-based transfers from markets such as Hong Kong, the United Kingdom, the United States, Canada, and parts of Europe, offering an alternative to traditional bank and money transfer channels.
The move comes as global remittances continue to grow. The World Bank estimates that remittance flows exceeded $900 billion in 2024, with a significant share going to low- and middle-income economies, including the Philippines. For receiving countries, these inflows support household spending and provide foreign exchange. For migrant workers, however, sending money home often involves high fees and long processing times.
Stablecoins are digital currencies designed to maintain a fixed value, usually pegged to the US dollar. Their use in payments has increased in recent years as blockchain systems matured. Market data show that the combined value of the two largest stablecoins, USDC and USDT, reached more than $260 billion in 2025, about double their level in early 2023, showing wider interest in digital payment rails.
Coins.ph said stablecoin transfers allow users to bypass several intermediaries involved in traditional remittance routes. According to the World Bank, the average cost of sending money across borders was 6.62% in the third quarter of 2024, well above the United Nations target of less than 3%. Stablecoin transactions, depending on the provider and corridor, can reduce fees by limiting banking and correspondent charges.
“We are supporting stablecoin remittances because they address cost and time challenges faced by many overseas workers,” said Wei Zhou, CEO of Coins.ph.
He said the approach aims to help more funds reach recipients more quickly, while operating within regulatory requirements.
Speed is another factor driving interest. Conventional remittances can take three to five business days due to banking hours and settlement processes. Blockchain-based transfers can be completed in minutes and are available around the clock, including weekends and holidays, which can be important for families relying on timely support.
Stablecoins are also being discussed as a way to reach people without bank accounts. In many emerging markets, access to formal banking remains limited. Digital wallets only require a mobile phone and internet connection, although regulators and consumer groups continue to stress the need for user education and safeguards.
As rules around digital assets become clearer in more countries, analysts expect stablecoins to remain part of ongoing efforts to improve cross-border payments. For now, they are one of several options being tested to reduce costs, improve speed, and increase transparency in remittances.