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%.
It’s time.
The State of the USDC Economy 2024 Report has arrived, bringing new insights and a global perspective on $USDC and the internet financial system. The #OpenMoneyEra is bringing greater speed, accessibility, and innovation to the global economy. Read it now:… pic.twitter.com/68XQA1dkFK
— Circle (@circle) January 15, 2024
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 Coins.ph, 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.
The report also claims that USDC is
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