Why Filipino Workers Lose Billions in Remittance Fees | Can Stablecoins Help?
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This episode of Bitcoin.com News Interviews features Ken Shoda, founder of JPYR and a member of the Stablecoin Club, discussing the massive financial burden faced by Filipino workers sending remittances home. Shoda highlights how traditional remittance systems charge exorbitant fees—up to $13 million annually in lost value for Filipino overseas workers—while stablecoins like JPYR offer a near-zero-cost alternative. He explains JPYR's design as an Ethereum-based stablecoin aimed at cross-border payments and DeFi integration, emphasizing security through Fireblocks and the importance of trust in financial systems. The conversation underscores the transformative potential of stablecoins in empowering migrant workers and improving global financial inclusion, particularly in countries like the Philippines where remittances are a vital economic lifeline.
Filipino workers lose up to $13 million annually in remittance fees due to inefficient traditional systems.
Stablecoins like JPYR can reduce cross-border transaction costs to nearly zero, increasing the value of remittances.
JPYR is built on Ethereum (ERC-20) and leverages secure infrastructure like Fireblocks to ensure trust and safety.
The target users include overseas Filipino workers and crypto-native individuals seeking efficient, low-cost financial tools.
JPYR aims to enable real-world use cases such as digital wallets for everyday spending in the Philippines.
Introducing Ken Shoda and JPYR
Ken Shoda introduces himself as a founder of Shouda Ken'o and a member of the Stablecoin Club, explaining his involvement with JPYR and its mission to improve global remittance systems.
The Cost of Remittances for Filipino Workers
“I think it's about 13 million dollars. That's a big deal. It's a huge amount of money.”
JPYR: A Stablecoin for Global Payments
Shoda explains JPYR’s technical foundation on Ethereum, its focus on cross-border payments, and its integration with DeFi, positioning it as a tool for financial inclusion.
Security and Trust in Stablecoin Infrastructure
The discussion centers on the importance of trust and security, with JPYR using Fireblocks for custody and emphasizing the need for reliable infrastructure in financial systems.
Real-World Use Cases in the Philippines
“We would have to buy a food and get a food. So, we would have to buy a food and get a food.”
“I think it's about 13 million dollars. That's a big deal. It's a huge amount of money.”
“The price of money is almost zero.”
“We would have to buy a food and get a food. So, we would have to buy a food and get a food.”
Host
Guest
Ken Shoda
person
JPYR
organization
Philippines
place
Stablecoin Club
organization
Ethereum
other
JPUI
organization
Shouda Ken'o
organization
Fireblocks
other
PESO stable
organization
USDT
other
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