GCash has integrated USD Coin (USDC) into its GCrypto platform, broadening the digital asset options available to its Filipino users. This addition permits users to buy, hold, receive, and transact with USDC, a type of cryptocurrency known as a stablecoin.

Circle, the payment developer, issues USDC. This digital currency aims to maintain a stable value, pegged 1:1 to the US dollar.

To achieve this stability, Circle backs USDC with reserves of cash and cash equivalents, held within regulated financial institutions. Furthermore, Circle publishes monthly attestations, providing transparency regarding these reserve holdings.

Users can access USDC through the GCrypto feature within the GCash mobile application. The process involves converting their existing GCash balance into USDC.

Arjun Varma, the Group Head of Wealth Management at GCash, highlighted the significance of this integration.

“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 emphasised the potential for USDC to facilitate cost-effective transactions within the digital economy.

Yam Ki Chan, the Asia-Pacific Vice-President for Circle, articulated the company’s perspective on the role of digital financial tools. He asserted that expanding access to these tools drives economic empowerment.

“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 Yam Ki Chan.

Circle chose to partner with GCash to enable a wider segment of the Filipino population to participate in the digital economy.

The GCrypto platform has experienced growth in its user base in recent years, reflecting the increasing interest in digital assets within the Philippines.

The addition of USDC to GCrypto provides a new avenue for users who wish to explore and engage with the cryptocurrency market, offering a stable and potentially more accessible entry point compared to more volatile cryptocurrencies.

This integration reflects a move towards increased adoption of digital currencies in the Philippines.

Featured image credit: Edited from Freepik