Remitly, a provider of digital financial services, and Coins.ph, a licensed crypto exchange, have rolled out a new remittance route that uses stablecoins to speed up cross-border money transfers to the Philippines.
The service allows funds sent through Remitly to move directly into Coins.ph’s regulated local system, cutting processing steps that often slow down international transfers. The goal is to reduce transfer time and costs for Filipinos who rely on money sent from abroad.
The partnership reflects the wider use of stablecoins in payments, as digital assets are increasingly used to move value across borders rather than only for trading.
“Stablecoins are rapidly shifting from niche technology to essential global infrastructure,” said Wei Zhou, CEO of Coins.ph. “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.”
Under the setup, money sent in US dollars or Canadian dollars is converted into stablecoins, then settled through Coins.ph. The funds are released as Philippine pesos and credited either to a Coins.ph PHP e-wallet or to a linked local bank account. This process allows near real-time settlement and faster access to funds for recipients.
Remitly operates in more than 170 countries and serves about 8.9 million quarterly active users. The company said the new route covers all countries where Remitly operates, using Coins.ph’s licensed infrastructure in the Philippines.
The move is relevant to the Philippines, where remittances remain a major source of household income. About 4 million overseas Filipino workers are based in the United States and Canada, which together account for roughly 45% of total remittances sent back to the country.
“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,” said Gene Nigro, VP of business development at Remitly.