Island Pay and Circle officials cite data showing that remittances in the region have grown by nearly 40% over the past two years, reaching $145 billion last year. However, fund senders are constantly faced with the technical challenges and high transaction costs associated with traditional remittances. The situation is complicated by the fact that most senders and recipients of funds do not have bank accounts and do not use banking services.
Island Pay has promised that the new money transfer technology will allow users to reduce the cost of cross-border money transfers by up to 80%. In addition, USDC “USDC s dollar-backed stablecoins eliminate fluctuations in the exchange rate of national currencies and will contribute to the growth of the point-of-sale ecosystem.”
The CiNKO wallet will be available in more than 30 countries and will allow users to top up prepaid cards, as well as make payment transactions and peer-to-peer payments, even if they don’t have a bank account.
Earlier, Circle CEO Jeremy Allaire said the company was exploring the possibility of issuing a stablecoin in Japan as new laws governing stable cryptocurrencies began to take effect in the country.