Philippines’ Largest Digital Wallet GCash Adds USDC Support
Sam Reynolds | Edited by Parikshit Mishra Mar 24, 2025 5:32 UTC
GCash, the largest digital wallet in the Philippines, has announced the introduction of support for stablecoins via USDC.
The Philippines’ largest and most popular digital payment app, GCash, just announced USDC support in its mobile wallet. Nearly 100 million users join the Circle stablecoin network. https://t.co/ruscNYYjJI
— Jeremy Allaire – jda.eth / jdallaire.sol (@jerallaire) March 21, 2025
Publicly available data shows that GCash, similar to China’s Alipay or WeChat Pay, has an annual transaction volume of over US$65 billion (PHP3.8 trillion).
Remittances from the Philippines reached a record US$38.3 billion in 2024, accounting for about 8-10% of the country’s GDP.
Alipay’s owners Ant Group, Ayala Corporation, and Manila-based Globe Telecom 917Ventures operate GCash operator Mynt . GCash offers crypto services through its subsidiary GCrypto, which partners with locally licensed crypto exchange PDAX.
In total, GCrypto offers 39 different assets for trading on its platform, including Paypal’s PYUSD stablecoin. Stablecoin-based transfers are growing as a market share, but remain relatively small: less than 5% of all incoming transfers use crypto rails.
Bloomberg recently reported that GCash could go public by the end of 2025 with a valuation of at least $8 billion.
The company is reportedly in no rush to go public as it recently completed a funding round that valued it at $5 billion, giving it enough capital and flexibility to wait for the right market conditions.
Your email address will not be published. Required fields are marked *
[…] January 2022, the number of cryptocurrencies existing in the market increased by 1 thousand. This implies that each new…
Your writing is like a breath of fresh air in the often stale world of online content. Your unique perspective…
I would like to share my story and express my great gratitude to Maria. My husband Alexander was literally taken…