Aiming to make overseas money transfers faster, cheaper, and easier for Filipinos, locally licensed crypto exchange Coins.ph announced that it had joined the launch of Circle Payments Network (CPN), an initiative by global fintech firm and stablecoin $USDC issuer Circle.
What is Circle Payments Network?
The Circle Payments Network is a new platform by Circle Internet Group that is designed to enable real-time cross-border payments using regulated stablecoins like $USDC and $EURC. The network is expected to debut in a limited capacity in May 2025.
According to Circle, CPN is seen to connect financial institutions, like banks, neo-banks, payment service providers, virtual asset service providers, and digital wallets.
The firm also highlighted that CPN is built to streamline the complex cross-border payments system by offering faster, more transparent, and programmable money transfers. Using the mentioned regulated stablecoins, the platform connects to local real-time payment systems while meeting strict compliance and security standards.
“CPN is a significant step in making that vision a reality for businesses worldwide.”
Jeremy Allaire, Co-Founder, Chairman, and Chief Executive Officer, Circle
Moreover, it was noted that CPN supports various use cases, including remittances, payroll, supplier payments, and on-chain finance, and allows developers to build custom financial tools through smart contracts and APIs.
Coins.ph in CPN
In a media release, Coins.ph expressed pride in being the only Philippine platform chosen as a design partner for the project, adding that the local exchange’s involvement shows its commitment to bringing cutting-edge financial solutions to the Filipino people.
The firm also highlighted that, by collaborating with major global financial institutions such as Banco Santander, Deutsche Bank, Société Générale, and Standard Chartered Bank, it is helping lead the way in transforming international money transfers for Filipinos.
“At Coins.ph, our priority has always been to empower Filipinos with convenient and reliable financial services… Our partnership with Circle on the Payments Network is a game-changer for the countless Filipino families who depend on remittances from loved ones working abroad. The current cross-border payment system often involves lengthy delays and high fees, placing an undue burden on these hardworking individuals and their families.”
Wei Zhou, Chief Executive Officer, Coins.ph
Moreover, Coins.ph cited Circle’s announcement, which states that the launch of CPN is a major step toward the company’s goal of making money transfers as easy and efficient as sending an email.
Circle in PH
Prior to this team-up, Circle’s 2023 “State of the USDC Economy” report highlighted its key partnership with Coins.ph to promote USDC-powered remittances in the Philippines.
Meanwhile, last month, e-wallet giant GCash partnered with Circle to bring $USDC to its GCrypto platform, allowing its users to receive, store, and transact with digital dollars.
To promote adoption, GCash also launched a ₱1 million $USDC raffle promo, encouraging users to maintain USDC balances for a chance to win weekly and grand prizes.
This article is published on BitPinas: Coins.ph Joins Circle Payments Network to Improve Global Remittances for Filipinos
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