• Stables is expanding its services to facilitate international remittances, initially focusing on the Australia to Philippines corridor, leveraging USDC.
• Users from over 130 countries will have the ability to send Australian Dollars or Philippine Pesos to over 140 million recipients in both countries.
• Stables Co-Founder and CEO Erez Rachamim highlighted that this initiative marks the first integration of stablecoins into remittance rails in Australian history, enabling seamless transactions with minimal fees and no intermediaries.

Fintech firm Stables announced recently that it will be rolling out international remittance services to its worldwide userbase, with a primary focus on the Australia to Philippines corridor, by utilizing Circle Internet Financial (Circle)’s USDC as the underlying mechanism.

AU to PH Remittances

The company stated that individuals from more than 130 countries will have the ability to send Australian Dollars or Philippine Pesos to over 140 million recipients in both countries.

In a statement, the firm noted how the Philippines is a major recipient of remittances in Southeast Asia receiving over $40 billion annually, with Australia being a significant contributor at $5.76 billion. 

Accordingly, Stables Co-Founder and CEO Erez Rachamim announced a milestone, noting that this is the first instance in Australian history where a company has integrated stablecoins into remittance rails, covering domestic jurisdictions. 

He also highlighted that this includes delivering a payload with no intermediaries and facilitating intra-day transactions with fees below 1%. Moreover, the company anticipates achieving feature parity in the Philippines by May 2023.

“Our vision at Stables has always been to simplify the usage of stablecoins and drive their widespread adoption globally to improve access to basic financial services in emerging markets where a significant portion of the population is underbanked.”

Erez Rachamim, CEO, Stables

He also emphasized that Stables initially sought to empower everyday payments using stablecoins, and now the firm has succeeded as its users “can now send Philippines Pesos or Australian Dollars from their stablecoin balance directly into any local bank account or eWallet, without the need for the other party to have a Stables wallet or know that the funds started as a digital asset on the blockchain.

“Stablecoin remittances are a lifeline for many who need to send money to their loved ones, as they provide faster, cheaper and more transparent transactions than traditional methods. Stablecoins are challenging the status quo of remittance services. We believe they will shape the future of cross-border payments, and the little guys will keep more money in their pockets.”

Erez Rachamim, CEO, Stables

What is Stables?

Launched in February 2021, the company was established in response to an Australian government initiative aimed at implementing a regulatory framework for entities facilitating access to digital assets and safeguarding them on behalf of citizens, the developers clarified.

After a month, Stables unveiled the country’s inaugural stablecoin-exclusive wallet in collaboration with Mastercard. This enables Australian citizens to convert stablecoins into fiat currency and utilize them for purchases at establishments accepting Mastercard cards.

In October last year, Stables first allowed users to convert stablecoins USDC and USDT into Philippine Peso and send remittances seamlessly.

Recent News

For the Solana Ecosystem Call (SEC) this month, Superteam Philippines, collaborating with Stables to offer bounties and airdrops to event participants.

This article is published on BitPinas: Fintech Stables Launches AU to PH Cross-Border Remittances

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