Stablecoins may cut Philippines remittance costs from 5-10% to nearly zero, per Binance’s CZ at ASEAN Tech Summit.
Binance founder Changpeng Zhao said stablecoins could reduce cross-border remittance fees in the Philippines to nearly zero. The country receives $35 billion annually in remittances, with current fees ranging from 5% to 10%.
Traditional remittance services often charge high percentages, particularly for smaller transfers. Blockchain technology could also accelerate transaction speeds, improving efficiency for cross-border payments.
Zhao emphasized fee reduction as a priority for stablecoin adoption, highlighting potential cost savings for millions of users.