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Manila Bulletin devider Business devider Banking & Finance devider Coins.ph to reduce remittance costs

Coins.ph to reduce remittance costs

Published May 9, 2024 07:03 am

Digital assets service provider and cryptocurrency Coins.ph said its newly launched Philippine peso stablecoin (PHPC) will help bring down the cost of remittances for the more than 10 million overseas Filipinos.

The company in a statement said PHPC will enable “cost-efficiency and speed in a variety of financial activities including remittance, trading, and payments.”

Coins.ph did not say how much less-costly remitting funds will be with PHPC, but that it will add cost-efficiency in fund transfers.

“The benefits of PHPC for remittances are particularly promising as it allows people to transfer funds at any time of the day, any day of the week. This reduces the cost and time associated with sending funds back home, thus making it more convenient for OFWs, and ultimately putting more money in the pockets of their loved ones,” it said.

Meanwhile, the company emphasized that PHPC will maintain a stable value or 1:1 to the local currency.

“It will be fully backed by cash and cash equivalents stored in Philippine bank accounts. As such, this ensures stability of its value and gives users the security of being able to fully redeem PHPC for Philippine Peso. This makes PHPC ideal for peer-to-peer and B2B transactions alike,” according to Coins.ph.

It was announced on May 8 that the Bangko Sentral ng Pilipinas (BSP) has granted PHPC its approval for its stablecoin to be used by retail customers.

The company defines stablecoins as “a type of cryptocurrency designed to have a stable value, typically pegged to a fiat currency like the US Dollar, or to a commodity like gold.”

“Unlike other cryptocurrencies such as Bitcoin or Ethereum, which can have highly volatile prices, stablecoins maintain a steady value, making them more suitable for transactions, trading, and storing value,” it added.

In a press release during the launch Wednesday, company CEO Wei Zhou said they will not only provide a “stable store of value” for the digital transactions, but that they will “empower Filipinos to transact seamlessly and securely” in the digital economy.

 

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