GCash Philippines Adds USDC Support, Digital Payment Revolution!

Updated

March 25, 2025

Gambar GCash Philippines Adds USDC Support, Digital Payment Revolution!

Jakarta, Pintu News – GCash, the Philippines’ largest digital wallet, recently announced the addition of support for USDC stablecoin. The move is expected to bring around 100 million users into the Circle stablecoin network.

With an annual transaction volume of over $65 billion (3.8 trillion Philippine Pesos), GCash puts itself on par with China’s Alipay and WeChat Pay. This support to USDC is a strategic step in expanding their service reach in the digital finance sector.

GCash and the Crypto Ecosystem

The largest and most widely used digital money app in the Philippines , GCash, just announced support for USDC in their mobile wallet. Another ~100m users being brought into Circle’s stablecoin network. https://t.co/ruscNYYjJI
— Jeremy Allaire – jda.eth / jdallaire.sol (@jerallaire) March 21, 2025

GCash is not just a payment app, but has also developed crypto services through its subsidiary, GCrypto. Through a partnership with locally licensed crypto exchange PDAX, GCrypto now offers 39 different crypto assets, including Paypal’s PYUSD stablecoin.

This initiative opens up new opportunities for GCash users to invest and transact using digital currencies in a safe and trusted platform. With the addition of USDC, GCash hopes to increase efficiency and reduce transaction costs, especially in sending money or remittances.

Remittances are one of the pillars of the Philippine economy, with the value reaching a record $38.3 billion by 2024, which accounts for around 8%-10% of the country’s GDP. By using stablecoins, GCash has the potential to change the way Filipinos receive and send money across borders.

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Impact on the Economy and Remittances

The use of stablecoins in remittance transactions is still relatively small, with less than 5% of total incoming remittances using crypto channels. However, with GCash’s endorsement of USDC, it is expected that there will be a significant increase in the use of digital currencies for remittances. This will not only speed up the transaction process but also offer better security and transparency for users.

Moreover, this endorsement also reflects a global trend where more traditional financial institutions are starting to adopt blockchain technology and cryptocurrencies. With its large user base, GCash has the potential to become a key player in driving the adoption of digital currencies in the Philippines and Southeast Asia.

GCash Future Prospects and Development

According to a Bloomberg report, GCash may be seeking an IPO valuation of at least $8 billion by the end of 2025. However, the company is reportedly in no hurry to go public as it has just completed a funding round that increased its valuation to $5 billion. This gives GCash enough capital and flexibility to wait for more favorable market conditions.

With the support of USDC and the development of crypto services through GCrypto, GCash demonstrates its commitment to continue to innovate and lead in the digital finance revolution in the Philippines. This will not only strengthen their position in the local market but also globally as a leader in payment technology and digital finance.

A Bright Future for GCash and Its Uses

With this strategic move, GCash not only strengthens its position as a leader in digital financial services in the Philippines but also sets new standards in the innovative use of financial technology. Supporting USDC opens up many opportunities for users to transact more efficiently and economically, while bringing the Philippine financial industry to the global scene.

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