Binance's CZ Sees Stablecoins Cutting Remittance Costs in Philippines

Binance founder Changpeng Zhao is optimistic about the potential of stablecoins in cutting down remittance costs for cross-border payments. He highlighted the Philippines' $35 billion annual remittance market as a prime example, where blockchain-based transfers could bring fees near zero.

Zhao noted that traditional services generally charge between 5% and 7% on remittances, which can climb to as high as 10%. This is in stark contrast to the potential offered by blockchain technology, which could reduce costs significantly.

He emphasized the importance of cutting remittance fees through stablecoin adoption, citing the Philippines' large remittance market. Zhao also mentioned that faster settlement is another benefit of blockchain technology, which can improve the efficiency of cross-border payments.