Stablecoins Seen as New Rails for Global Finance
Coins.ph Chief Executive Officer Wei Zhou is betting that regulated stablecoin rails can lower the cost of remittances, widen access to dollars and bring millions of underbanked users into the financial system. When Wei Zhou tried to move his own savings from Asia to the United States to buy a family home, he ran into the same problem faced by millions of cross-border workers and families: the…
Wei Zhou, CEO of Coins.ph, envisions stablecoins as a new foundation for global finance. By leveraging regulated stablecoin rails, Coins.ph aims to reduce remittance costs, expand access to dollars, and bring millions of underbanked users into the financial system. The Philippines-based company, which holds dual Virtual Asset Service Provider and Electronic Money Issuer licenses, has shifted from a retail crypto trading platform to a B2B financial service organization.
Coins.ph now acts as a regulated gateway for stablecoins, working with global remittance companies like Remitly and Taptap Send to facilitate cross-border transactions using crypto rails and stablecoins. This shift enables users to benefit from better rates, lower fees, and faster transactions, regardless of traditional banking hours.
Zhou emphasizes that the goal is not to convince users to become crypto enthusiasts but to integrate blockchain technology seamlessly into daily financial life, especially for those lacking access to formal banking. With the global remittance cost averaging 6.4%, adopting blockchain technology like stablecoins offers significant advantages.
In countries like the Philippines, where remittances constitute over $40 billion annually and account for nearly 9% of GDP, stablecoins can make a substantial difference. Zhou's broader vision is for stablecoins to become integral to global financial inclusion, providing access to dollar-denominated value through mobile wallets, credit, and investment opportunities.
As more dollar commerce moves away from traditional banking systems, stablecoins are poised to play a pivotal role in reshaping the global financial landscape.
Written by urgent.news from SCMP Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
