Tether, the famous company that issues and manages the world’s leading stablecoin (USDT), has launched the so-called Blockchain Education Initiative in the Philippines.
Tether and @coinsph collaborate on #Bitcoin & Blockchain Education Initiative in the Philippines 🇵🇭https://t.co/5Oeult4FTJ
— Tether (@Tether_to) April 10, 2024
The initiative is organized in collaboration with the Philippine crypto exchange Coins.ph.
The Blockchain Education Initiative, an initiative signed by Tether
The Blockchain Education Initiative aims to promote financial education about blockchain technologies, Bitcoin and stablecoins.
Regarding the Philippines initiative specifically, Coins.ph will develop a series of customized educational programs for diverse audiences to empower Filipinos to acquire financial literacy.
These educational programs include workshops, online campaigns and interactive quizzes designed to increase awareness and understanding of digital assets and their potential benefits.
The Blockchain Education Initiative in the Philippines will target various segments of the population, including financial professionals such as bankers and fintech companies, as well as Filipino workers abroad who are looking for efficient money transfer solutions.
It will also be aimed at pawn shop owners and customers, or just curious people interested in the basics of cryptocurrencies.
Tether and the Philippines
Tether has long been committed to facilitating access to educational resources that promote the understanding and responsible use of blockchain-based digital assets.
In fact, they are already active with similar initiatives in Thailand, Georgia, Uzbekistan and in various parts of Africa, where the company has already activated other partnerships with the aim of increasing awareness and understanding of blockchain technology and stablecoins.
The goal is to provide citizens with the knowledge and skills needed to thrive in the crypto sector, and embrace cutting-edge technologies such as stablecoins and peer-to-peer systems.
As far as the Philippines is concerned, Coins.ph was chosen because it is one of the most important crypto exchanges in the country.
It is worth noting that the pair with the highest trading volumes on Coins.ph is the pair between the Philippine peso (the local currency) and USDT, which alone records higher volumes than the sum of the other three main trading pairs, ETH/PHP. , USDC/PHP and BTC/PHP.
The comments of the two CEOs
Tether CEO Paolo Ardoino stated:
“The Philippines is a country rich in digital asset adoption opportunities. Through this partnership with Coins.ph, we hope to provide Filipinos with the knowledge and tools to navigate the exciting world of blockchain technologies. Tether is proud to lead a movement that combines breakthrough technology, education and financial inclusion.”
Coins.ph CEO Wei Zhou added:
“Our partnership with Tether marks an important step toward providing Filipinos with essential knowledge to participate in the growing digital asset economy. A key focus will be the use of stablecoins such as USDT for cross-border payments and remittances. This partnership is in line with our mission to make financial services accessible and inclusive to everyone in the Philippines.”
The Philippines and Cryptocurrencies: Tether Drives Innovation with the Blockchain Education Initiative
The relationship between the Philippine government and cryptocurrencies has not always been idyllic.
Despite several attempts to attract crypto and blockchain companies to the area, and despite the Philippines having a population of over 115 million, the country has never become a true crypto hub.
It is likely to suffer from competition in Southeast Asia from Singapore, which, although very small, has attracted many crypto companies after the Chinese ban.
For example, the USDT/PHP trading pair on Coins.ph only reaches $4 million per day, so the Philippine market is clearly a marginal market in the crypto sector.
However, Tether’s goal is to spread knowledge about new blockchain and crypto technologies in countries where they are growing, such as Thailand, Georgia and Uzbekistan, without focusing too much on the extent of their current use.
In just ten years, the Philippines’ GDP has increased from $284 to $417 billion, making the country one of the fastest growing countries in Southeast Asia from this perspective.
It is therefore possible that it could also become an interesting market for the crypto sector in the coming decades, especially if it continues to grow at this pace.