Crypto issuer Circle saw a surge in remittances flow through Asia via its USDC stablecoin, the company said in a new report highlighting how the cryptocurrency is used beyond speculative trading. USDC is a cryptocurrency pegged to the value of the U.S. dollar, and backed by liquid cash and cash-equivalent assets. In 2022, $130 billion worth of USDC flowed into Asia, the report says. According to Circle, the Asia-Pacific region accounts for 29% of all global digital currency value received compared to 19% for North America, and 22% for Western Europe. These volumes are also made up of remittance transfers, a big deal for emerging markets with a large diaspora, such as the Philippines. In the report, Circle highlighted how it has partnered with Coins.ph – an exchange based in the country – to try and capture some of this business, worth around $36 billion a year.
