Coins.ph and Remitly launch stablecoin remittance rail for OFWs from US & Canada
Coins.ph has partnered with Remitly to deploy a stablecoin-powered remittance rail aimed at overseas Filipino workers (OFWs) in the United States and Canada. Remitly will convert sent USD or CAD into stablecoins for near‑instant, low‑cost on‑chain settlement, then convert to Philippine pesos (PHP) for delivery into recipients’ Coins.ph e‑wallets or linked bank accounts. The integration leverages Remitly’s global network (170+ countries; ~8.9 million quarterly active users) and Coins.ph’s BSP‑licensed local infrastructure and virtual asset marketplace. The rollout focuses on major corridors—US and Canada account for roughly 45% of remittances to the Philippines and host ~4 million OFWs—promising faster settlement, lower fees, and wider financial access. Coins.ph says this supports its strategy to position its app as an all‑in‑one financial wallet (payments, transfers, bill pay, crypto trading) and cited recent product upgrades including institutional‑grade FX with ultra‑tight spreads (0.02% on G10 pairs). For crypto traders, the move signals continued adoption of stablecoin rails in cross‑border payments, increased on‑chain remittance volume, and larger payment‑fiat conversion flows through regulated wallets—factors that may raise demand for stablecoins and boost transactional utility versus pure speculative trading.
Bullish
Categorization: bullish. Explanation: The partnership directly increases real-world transactional use of stablecoins by routing USD/CAD into stablecoins for near‑instant settlement and on‑ramps into PHP via a regulated wallet. That raises short‑term on‑chain transaction volume and stablecoin turnover as Remitly’s existing remittance flows (large corridor share and millions of users) migrate to the new rail. Traders can expect increased demand for popular fiat‑pegged stablecoins used in these rails, tighter spreads for FX conversion through Coins.ph’s institutional product, and greater on‑chain liquidity in Philippine rails. In the short term, this may support higher stablecoin volume and narrower bid‑ask spreads around conversions, which is positive for market depth and transactional tokens. In the long term, wider adoption of stablecoin rails by regulated remitters can entrench stablecoins’ utility as payment infrastructure, reducing volatility in transactional demand but increasing baseline transactional volume—beneficial for tokens used as rails. Risks and caveats: impact is limited to stablecoins and payment‑rail tokens rather than broad crypto market direction; regulatory or central bank responses in the Philippines or sending countries could alter adoption speed. Overall, net effect on the mentioned assets is bullish because the news improves stablecoins’ real‑world utility and demand.