MANILA, Philippines, Nov. 21, 2023 /PRNewswire/ — Coins.ph, the Philippines’ leading cryptocurrency exchange, announced its partnership with Paxos Trust Company, a New York-based institution specializing in blockchain, to grow the adoption of PayPal USD (PYUSD) for streamlined and efficient cross-border remittances.
With PYUSD now available on Coins.ph, Filipinos can securely and conveniently transfer funds across borders to their loved ones back home. "Early on, we recognized the importance of growing the adoption of USD stablecoins particularly PYUSD," said Wei Zhou, CEO of Coins.ph.
"The Philippines is the fourth largest remittance receiving country in the world and over 40% of these remittances come from the United States. With PayPal behind it and its availability on platforms such as Venmo and Xoom, PYUSD is set to become one of the most widely used stablecoins in the world." according to Zhou.
Nick Robnett, Senior Director of Customer Success at Paxos, added, "PYUSD is the safest dollar-backed stablecoin available to global institutions and consumers today. With this regulated digital asset, CoinsPH users can now quickly and easily send US dollars at a fraction of the costs associated with traditional remittance networks. We’re excited to offer global users more access and more economic freedom through this exciting new integration."
PYUSD combines the stability of the US dollar with the capabilities of blockchain technology. It is a smart choice for remittances due to its reliability, speed and stability as a store of value. It is pegged 1:1 to the US dollar and its reserves are entirely backed by US dollar deposits.
To use PYUSD for remittances, senders simply need to send PYUSD to the Coins.ph wallet address of recipients. From there, it’s easy to exchange PYUSD to PHP on the app and cash out. This can be done via an Instapay or Pesonet fund transfer to banks and other e-wallets, or through one of the many over-the-counter remittance centers supported by Coins.ph.
For the initial launch of PYUSD on Coins.ph, trading fees are waived to encourage users to explore the benefits of using PYUSD for remittances. This reflects Coins.ph and Paxos’ shared dedication to delivering value for Filipinos and fostering a vibrant and inclusive digital financial ecosystem.
Coins.ph is on a mission to power the new internet with easy access to digital assets and web3 products. Launched in 2014, Coins.ph is the most established crypto brand in the Philippines and has gained the trust of more than 18 million users. Through the easy-to-use mobile app, users can buy and sell a variety of different cryptocurrencies and access a wide range of financial services.
Coins.ph is fully regulated by the Bangko Sentral ng Pilipinas (BSP) and is the first ever crypto-based company in Asia to hold both Virtual Currency and Electronic Money Issuer licenses from a central bank.
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