TechFlow news, citing a Circle report via CoinDesk, reports a sharp increase in the use of Circle's USDC stablecoin in Asia's remittance sector. The report states that in 2022, $130 billion in funds flowed into Asia via USDC.
Circle noted that the Asia-Pacific region received 29% of global digital currency value, compared to 19% for North America and 22% for Western Europe. These USDC transaction volumes include remittance transfers, which are particularly important for emerging markets like the Philippines with large overseas populations.
Circle has partnered with Philippine exchange Coins.ph to capture a segment of this annual $36 billion business. Circle also claims USDC helps narrow the region’s $510 billion trade finance gap, especially in emerging markets with capital outflow restrictions. XREX, a company based in Taipei, is already using USDC to bridge this gap.
The report also highlights that over the past five years, the use of stablecoins in speculative trading has declined by 90%.
