Circle Highlights Surge in USDC Use for Asia Remittances in New Report
Crypto issuer Circle reported a surge in remittances through Asia via its USDC stablecoin in 2022, with $130 billion worth of USDC flowing into the region. 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. Circle has partnered with Coins.ph, a Philippines-based exchange, to tap into the remittance business worth around $36 billion a year. The company also stated that USDC is helping to close the region's $510 billion trade finance gap, particularly in emerging markets with capital outflow restrictions. Taipei-based XREX is one company using USDC to bridge this gap. The report also revealed that stablecoins' use in speculative trading has declined 90% over the past five years, and that 33% of consumers in Latin America have paid with a stablecoin, receiving $562 billion in digital currency between 2021 and mid-2022.
