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Stablecoins have the potential to improve remittance services for Overseas Filipino Workers (OFWs), Coins.ph CEO Wei Zhou said during a financial literacy event in Hong Kong.
Highlighting Stablecoins for OFWs
In his address, titled “Leveraging Stablecoin Technology for Fast, Affordable Money Transfers,” he emphasized how stablecoins are increasingly being adopted worldwide for cross-border payments.
Zhou noted that stablecoins offer faster and more efficient remittances compared with traditional methods, addressing long-standing issues of multi-day delays and high fees faced by OFWs.
“The future of cross-border payments is digital, and stablecoins are at the forefront of this shift.”
Wei Zhou, Chief Executive Officer, Coins.ph
There are about 200,000 OFWs in Hong Kong currently, according to a media release, contributing roughly 3% of total remittances to the Philippines. Zhou also highlighted the growing global use of stablecoins to cut delays and high fees for these transfers.
The presentation was held at the “Financial Literacy & Digital Adoption Program for the OFW Community” organized by the Fintech Alliance Philippines in collaboration with the Overseas Workers Welfare Administration held on November 2, 2025, in Admiralty, Hong Kong.
Coins.ph noted that the visit concluded with a courtesy call to Philippine Consul General Romulo Victor M. Israel, Jr., which they said reaffirmed the firm’s dedication to providing secure and efficient financial solutions for Filipinos worldwide.
This reinforced Coins.ph’s commitment to financial inclusion for OFWs through digital adoption, according to the local crypto exchange.
“This opportunity allowed us to engage directly with the OFW community, reinforcing our commitment to financial inclusion and educating them on how digital adoption can lead to greater financial empowerment and security for their families back home.”
Wei Zhou, Chief Executive Officer, Coins.ph
What are Stablecoins?
Stablecoins are a type of cryptocurrency designed to maintain a stable value by being pegged to a reserve asset, such as a fiat currency, or to a commodity like gold.
The main purpose of this kind of asset is to combine the speed and low cost of digital assets with the price stability of traditional money. Because of that stability, stablecoins are often used for remittances, payments, and trading, avoiding the volatility seen in other cryptocurrencies like BTC or ETH.
Coins.ph’s PHPC
PHPC is a Philippine Peso-backed stablecoin developed by Coins.ph and approved by the Bangko Sentral ng Pilipinas (BSP).
It is fully backed by cash and cash equivalents held in Philippine banks, the local exchange disclosed, and is designed to make digital payments and remittances faster, cheaper, and more secure.
It recently successfully completed testing under the BSP Regulatory Sandbox Framework, and it is now cleared for wider use in remittances, cross-border transactions, and other financial services.
Worth Reading: Coins.ph To Utilize PHPC Stablecoin for Australia-Philippines Remittances
Coins.ph Recent News
In October, the firm partnered with BCRemit to launch a stablecoin-powered remittance service allowing Filipinos abroad to send money to the Philippines in minutes and at up to 80% lower cost than traditional methods.
Coins.ph also appointed Amira Alawi as Global Marketing Director to lead its international expansion and oversee the launch of its global platform, Coins.xyz.
Also in the same month, Coins.ph launched Coins Webpay for instant merchant payments with a three-month fee waiver and introduced a limited-time 0.03% USDT/PHP trading spread promotion to attract high-volume and institutional traders.
This article is published on BitPinas: Coins.ph Boss Touts Stablecoins as Game-Changer for OFW Remittances
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