Coins.ph has begun positioning itself at the forefront of a digital transformation within the Philippines’ remittance industry by incorporating blockchain and stablecoin solutions. With the country’s remittance inflows reaching approximately USD $38 billion in 2024, the company has identified this sector as ripe for innovation. It is now offering blockchain-based services designed for businesses seeking faster, more cost-effective cross-border payment alternatives.
Current remittance processes are widely considered inefficient, with average fees reportedly ranging between 6% and 7%, along with settlement times that can take up to five business days. Additionally, customers often face hurdles such as limited banking hours and hidden fees embedded in exchange rates. Coins.ph is presenting its platform as a way to directly tackle these challenges by offering services that remain continuously available, lower in cost, and faster in execution.
The firm has emphasized that blockchain technology allows for the reduction of intermediaries typically involved in traditional remittance channels. This streamlining is expected to drive down transaction costs and shorten the time taken for funds to reach recipients. With stablecoins acting as a digital equivalent of fiat currencies, their price stability plays a key role in safeguarding the value of remitted funds. Coins.ph believes this setup enhances transparency, particularly regarding currency conversion, which has often been a point of concern in conventional remittance systems.
To support its blockchain-based remittance infrastructure, Coins.ph is building local partnerships, among which is DragonPay, a widely used Philippine payment gateway. DragonPay’s leadership reportedly indicated that this collaboration is part of a broader objective to introduce modern remittance methods that reduce delays and fees while making financial services more accessible to underserved populations.
Additional domestic partners include financial service providers like Tala Financing, Pisopay, and Paynet, which are expected to support distribution and usability across diverse user bases. On the international front, Coins.ph has aligned with Veem and BC Remit. Furthermore, its engagement with Mastercard’s Crypto Credential initiative and participation in Circle’s Payments Network signal a broader effort to integrate with global blockchain standards and settlement systems.
Looking ahead, Coins.ph has expressed intentions to expand its range of settlement options. This includes the addition of more stablecoin pairings to provide further flexibility and reach. The company anticipates that businesses will increasingly embrace blockchain-powered remittance platforms as the cost-efficiency and reliability of such systems become more apparent.
This forward-looking strategy may place Coins.ph at a competitive advantage in a remittance-dependent economy like the Philippines. The company’s push into blockchain and stablecoins not only addresses existing inefficiencies but could also reshape the regional payments ecosystem by offering more inclusive and technologically advanced alternatives for both businesses and end users.