CZ Says Stablecoins Could Bring Remittance Fees Near Zero in Philippines’ $35B Market

Binance founder Changpeng Zhao highlighted the Philippines’ roughly $35 billion annual remittance market as a potential use case for stablecoins, saying blockchain-based transfers could bring cross-border payment fees close to zero.

Zhao said cutting remittance costs should be the primary focus for stablecoin adoption, contrasting the potential blockchain-based model with traditional services that generally charge between 5% and 7%. Fees can climb to as much as 10%, he said. 

During an interview at the ASEAN Tech Summit, Zhao highlighted faster settlement as another potential benefit of blockchain technology. He said blockchain could improve the efficiency of cross-border payments.

Source: Fintech Alliance PH