Australian digital wallet provider and payment startup Stables has today announced the launch of international remittances for its thousands of users (focusing on the AU-PH Corridor).
From today, Stables users in over 130 countries can send Australian Dollars or Philippine Pesos to over 140 million people across Australia and the Philippines, all powered by stablecoins.?
As the largest importer of remittances within Southeast Asia, the Philippines has inflows in excess of $40 billion per year (with $5.76 billion from Australia alone). In recent years, the Philippines has increasingly adopted digital forms of payment due to 44% of the population aged 15 and over in the Philippines estimated to be unbanked, leading to increased acceptance of digital wallets and e-wallets like Gcash in the region.