Philippines' Largest Digital Wallet GCash Adds USDC Support
The country's leading digital wallet platform now offers stablecoin support via USDC.
Sam Reynolds | Edited by Parikshit Mishra Mar 24, 2025 5:32 UTC
What you should know:
- GCash, the largest digital wallet in the Philippines, announced the introduction of stablecoin support via USDC, expanding the Circle stablecoin network to approximately 100 million users.
- The digital wallet, which is owned by China's Ant Group, Ayala Corporation, and 917Ventures, processes over $65 billion in transactions annually and provides crypto services through its subsidiary GCrypto.
- Although there have been recent rumors of a possible $8 billion IPO, GCash is in no rush to go public after a recent funding round that valued the company at $5 billion.
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.
