GCash, the most important digital pockets within the Philippines, has introduced assist for stablecoins through USDC.
The most important and most generally used digital cash app within the Philippines , GCash, simply introduced assist for USDC of their cellular pockets. One other ~100m customers being introduced into Circle’s stablecoin community. https://t.co/ruscNYYjJI
— Jeremy Allaire – jda.eth / jdallaire.sol (@jerallaire) March 21, 2025
Publicly obtainable information exhibits that GCash, which is analogous to China’s Alipay or WeChat Pay, does over $65 billion (3.8 trillion Philippine Pesos) in annual transaction quantity.
Filipino remittances reached a file $38.3 billion in 2024, and account for about 8%-10% of the nation’s GDP.
Alipay owner-Ant Group, Ayala Company and Manilla-based Globe Telecom’s 917Ventures personal GCash operator Mynt. GCash affords crypto providers through its GCrypto subsidiary, which has partnered with regionally licensed crypto alternate PDAX.
In complete GCrypto affords 39 totally different belongings to commerce on its platform, together with Paypal’s PYUSD stablecoin. Stablecoin-based transfers are rising as a share of the market however stay comparatively small, with lower than 5% of all inbound remittances utilizing crypto rails.
Just lately, Bloomberg reported that GCash may search an IPO valuation of a minimum of $8 billion by the tip of 2025.
The corporate, reportedly, is in no rush to go public because it not too long ago accomplished a funding spherical that raised its valuation to $5 billion, giving it sufficient capital and adaptability to attend for favorable market circumstances.