GCash is ramping up its crypto offerings for Filipinos by adding USD Coin (USDC) into its platform. Filipino users can now buy, receive, hold, and transact USDC through GCrypto, the app’s in-house crypto service.
“The integration of USDC is a significant step in enhancing financial inclusion in the Philippines,” said Arjun Varma, the group head of wealth management at GCash.
USDC, issued by Circle, is one of the world’s most popular stablecoins, which are cryptocurrencies designed to maintain a steady value by pegging to assets like fiat currency or commodities. USDC is backed 1:1 by US dollar reserves, with $58.26 billion USDC in circulation and $58.51 billion held in reserves as of March 13.
GCash users can purchase USDC by opening GCrypto in the app, choosing USDC, and converting funds from their GCash balance.
GCrypto has been available to all GCash users since April 2023, making it easier for Filipinos to explore cryptocurrencies. The feature allows users to check prices, buy, sell, transact, receive, and learn more about digital assets all within the GCash app. Powered by the licensed Philippine Digital Asset Exchange (PDAX), GCrypto helps more Filipinos enter and navigate through the crypto space.
