Y Combinator-backed neobank expands stablecoin-powered payout capabilities into the Philippines’ $40 billion remittance market
Munify, a Y Combinator-backed (S25) cross-border neobank, announced its integration with the Circle Payments Network (CPN) to support stablecoin-based payouts into the Philippines.
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Munify is now live on the Circle Payments Network, enabling USDC-powered payouts into the Philippines. A $40 billion remittance market where the average cost of sending $200 still exceeds 5.7%.
Through the integration, Munify enables users to receive funds globally in USDC and convert them into Philippine pesos for payout to local bank accounts and digital wallets. This improves the speed and efficiency of cross-border transfers into one of the world’s largest remittance markets.
CPN is a global network that consists of banks, payment service providers (PSPs), virtual asset service providers (VASPs), and enterprises that enable consumer, business, and institutional payments with near real-time settlement via stablecoins. The network is operated by Circle Technology Services, LLC, an affiliate of Circle Internet Group, Inc. (NYSE: CRCL).
Remittances account for over 8% of the Philippines’ GDP, reaching almost $40 billion in 2025 (Bangko Sentral ng Pilipinas). Over 2.1 million overseas Filipino workers rely on these transfers (Department of Migrant Workers), yet sending $200 still costs an average of 5.7% (World Bank). With 44% of adults remaining unbanked, there is significant demand for faster, lower-cost, and more accessible alternatives. By incorporating stablecoin-based settlement, Munify supports more efficient value transfer into the local financial system.
“The Philippines is one of the largest remittance markets globally, yet users still face high costs and slow settlement times,” said Khalid Ashmawy, CEO and Founder of Munify. “Integrating with CPN allows us to improve how funds are received and settled locally, providing a more efficient experience for our users.”
“Munify’s integration with CPN supports stablecoin-based payouts into the Philippines,” said Irfan Ganchi, SVP of Product Management, Payments at Circle. “By connecting to CPN, Munify enables more efficient conversion of digital dollars into local currency, helping streamline cross-border payment flows for users and businesses.”
The Philippines launch extends Munify’s growing payout capabilities across Asia, the Middle East, and Africa. The platform supports eight blockchain networks and offers a virtual card for global spending, USD accounts with ACH and wire transfer support, along with a savings product offering competitive APY on stablecoin holdings.
Additionally, Munify works with regulated partners and compliance providers to help ensure secure and compliant transactions across jurisdictions.
Munify has raised $6 million in seed funding from Y Combinator, 1confirmation, White Star Capital, Digital Currency Group (DCG), BYLD Ventures, and Rebel Fund.
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