Circle Reports Surge in Remittances Through USDC Stablecoin in Asia Circle, a crypto issuer
, reported a significant increase in remittances flowing through Asia via its USDC stablecoin. USDC is a cryptocurrency pegged to the value of the U.S. dollar and is backed by liquid cash and cash-equivalent assets. It has settled over
$12 trillion in blockchain transactions since its introduction in 2018. According to Circle, the Asia-Pacific region
makes up almost a third of the value of digital currency worldwide. The report further stated that
in 2023, $130 billion worth of USDC flowed into Asia, with the Asia-Pacific region accounting
for 29% of all global digital currency value received. This surpasses North America at 19% and Western Europe at 22%. These volumes
include remittance transfers, with a notable impact in emerging markets like the Philippines, where there is a large diaspora. In the report, Circle highlighted
its partnership with Coinsph, an exchange in the Philippines,
aiming to capture some of the remittance business, valued at around $36 billion annually. Circle highlighted the characteristics of the Asia-Pacific region, describing it as young, mobile-first, and wallet-ready.
The report mentioned that nearly half of Asia-Pacific’s 1.8 billion online population is already using a digital wallet. Even among Southeast Asia’s unbanked population,
the report suggests that digital wallet penetration could reach 58% by 2025.
