Circle is bringing its USDC stablecoin payout services deeper into the Philippines. The company said it has expanded access to its payments network, allowing businesses in the country to send and receive payouts in USDC.
What the expansion covers
The move means companies using Circle’s payments network can now settle transactions in USDC in the Philippines. This includes payroll, supplier payments, and other business-to-business transfers. The stablecoin is pegged 1:1 to the U.S. dollar, which reduces volatility risk compared to other cryptocurrencies.
How the payments network works
Circle’s network lets businesses convert fiat currency into USDC, then send it instantly to recipients who can hold it or convert back to local currency. The expansion extends that capability to more partners and users in the Philippines. Circle did not disclose the number of companies already using the service or the total transaction volume.
Why the Philippines
The Philippines is a major market for digital payments and remittances. Circle’s expansion adds an alternative to traditional bank transfers and existing mobile money services. The company had already offered USDC payouts in a handful of other countries before adding the Philippines to its network.
