Remitly and Coins.ph Leverage Stablecoin Technology to Transform Cross-Border Payments to the Philippines
The era of digital assets as mere “speculative tokens” is officially being eclipsed by their utility as essential financial infrastructure. Remitly (NASDAQ: RELY) and Coins.ph have announced a strategic collaboration that utilizes stablecoin technology to facilitate near-instant, low-cost cross-border payments between global markets and the Philippines.
With Remitly’s global network spanning over 170 countries and serving 8.9 million quarterly active users, the integration of Coins.ph’s regulated local infrastructure marks a significant milestone in the institutional adoption of stablecoins.
The Tech Stack: How Stablecoin “Rails” Work
The traditional remittance model relies on a complex web of correspondent banks and the aging SWIFT network, which often results in high latency and hidden costs. This new solution bypasses those legacy hurdles:
- Fiat-to-Stablecoin Conversion: Remitly processes funds from “send countries” (primarily the US and Canada) by converting fiat (USD or CAD) into stablecoins.
- Blockchain Settlement: The transfer utilizes a stablecoin rail, allowing for near-real-time movement of value across borders 24/7.
- Local Disbursement: Coins.ph—acting as the regulated local node—receives the digital assets and settles the transaction in PHP directly into the recipient’s e-wallet or connected bank account.
Addressing the 45% Corridor
The US and Canada are the most critical corridors for Philippine remittances, jointly accounting for 45% of the total volume. By targeting these markets, the Remitly and Coins.ph collaboration addresses the needs of the 4 million OFWs in North America who require more efficient ways to move capital.
“Stablecoins are rapidly shifting from niche technology to essential global infrastructure,” stated Wei Zhou, CEO of Coins.ph. Zhou emphasized that the partnership leverages these digital assets to provide near real-time transfers, effectively “democratizing finance.”
Gene Nigro, VP of Business Development at Remitly, noted that the integration of stablecoin technology into their trusted global network is a key part of their mission to provide “trusted financial services that transcend borders.”
Institutional Credibility and Regulation
As a BSP-licensed Virtual Asset Service Provider (VASP) and E-Money Issuer (EMI), Coins.ph provides the necessary regulatory compliance to scale this technology safely. This partnership proves that the Philippines remains a global leader in fusing traditional finance (TradFi) with decentralized technology to solve real-world economic challenges.