Coins.ph, the leading cryptocurrency exchange in the country, has partnered with Paxos Trust Company, a New York-based institution specializing in blockchain, to increase the adoption of PayPal USD (PYUSD) for streamlined and efficient cross-border remittances.
Filipinos can now safely and seamlessly transfer funds from abroad to their families back home because of PYUSD’s availability on Coins.ph. “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.
Using PYUSD for remittances is simple and easy. The sender just needs 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 then be done via an Instapay or Pesonet fund transfer to banks and other e-wallets, as well as through various over-the-counter remittance centers supported by Coins.ph.
Good news for users as well – for the initial launch, trading fees will be waived to encourage users to explore the benefits of using PYUSD for their remittances. This is a reflection of the partners’ clear dedication to delivering value for Filipinos and fostering an inclusive digital financial ecosystem.
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