Speed Remittance stated that the service is currently available in several key remittance markets, including Canada, Kenya, the Philippines and the United States, and aims to expand the Speed Remittance channel globally by the end of this month. During the first 12 months, Speed Remittance plans to offer this service with no fees to increase initial usage.
One of the benefits of using USDC on the Stellar network for remittance is that settlement speed is very fast, which means that the recipient does not have to wait for several days, as with traditional remittance, to receive funds. The lower cost also means that people can keep more money instead of spending it on expensive fees.
Speed Remittance CEO Alex Holmes commented on this development, saying: "We are pleased to work with the Stellar Development Foundation to make the world of cryptocurrency and local fiat currency compatible, and bring more opportunities to consumers around the world. At Speed Remittance, our mission is to provide innovative financial solutions, connecting communities around the world, and the initial launch of this service is another important milestone on our journey. The early launch of this service is particularly exciting due to the great cooperation of our technology team, and we look forward to further cooperation with SDF to explore and utilize new blockchain methods to further simplify cross-border payments."
To start using the Speed Remittance channel, you can first download the Vibrant or LOBSTR digital wallet, where you can enter the amount of USDC you want to buy and your personal information. You will then need to bring the corresponding cash to your local Speed Remittance branch to get the digital currency and send the remittance.
