GCash Integrates USDC, Expanding Stablecoin Access for Filipino Users

GCash has integrated USD Coin (USDC) into its GCrypto platform, offering Filipino users a new digital asset option. With this addition, users can buy, hold, receive, and transact with USDC, a stablecoin pegged 1:1 to the US dollar.

Circle, the issuer of USDC, backs the digital currency with reserves of cash and cash equivalents held in regulated financial institutions. The company also publishes monthly attestations to ensure transparency regarding these reserves.

Users can access USDC through the GCrypto feature within the GCash mobile application. The process allows them to convert their GCash balance into USDC, providing a seamless entry into the digital dollar ecosystem.

GCash’s Perspective on USDC Integration

Arjun Varma, Group Head of Wealth Management at GCash, underscored the significance of this development.

“The integration of USDC is a significant step in enhancing financial inclusion in the Philippines. By offering easy access to digital dollars, we empower our users with a stable and globally recognised financial asset,” he said.

Varma also highlighted the potential for USDC to facilitate cost-effective transactions within the digital economy.

Circle’s Vision for Digital Financial Tools

Yam Ki Chan, Vice-President for Circle’s Asia-Pacific division, described the company’s approach to digital finance.

“At Circle, we believe expanding access to digital financial tools drives economic empowerment. We are excited that GCash is enabling millions of Filipinos to participate in the digital economy with confidence and security,” said Chan.

Circle partnered with GCash to reach a broader segment of the Filipino population, aiming to enhance financial inclusion through stablecoin adoption.

Growing Adoption of Digital Assets in the Philippines

The GCrypto platform has seen increased user engagement in recent years, reflecting a rising interest in digital assets. The addition of USDC offers a stable entry point into cryptocurrency, contrasting with more volatile digital currencies.

This integration marks another step toward mainstream adoption of digital currencies in the Philippines, positioning stablecoins as a tool for financial accessibility and economic participation.