GCash Embraces Stablecoins, Adds USDC to Its Digital Wallet Services

GCash Embraces USDC as Stablecoin Adoption Grows in the Philippines

GCash, the Philippines’ largest digital wallet, has officially integrated USDC, signaling a broader push toward stablecoin adoption in the country’s financial sector.

With over $65 billion (3.8 trillion PHP) in annual transaction volume, GCash is a dominant player in the digital payments space, similar to China’s Alipay and WeChat Pay. The addition of USDC is expected to streamline cross-border payments and remittances, offering users a stable and efficient alternative to traditional fiat transfers.

The move comes as remittances remain a cornerstone of the Philippine economy, hitting a record $38.3 billion in 2024—equivalent to 8%-10% of the nation’s GDP. While crypto-based remittances currently account for less than 5% of total inflows, the trend is expected to accelerate as stablecoins become more widely adopted.

GCash operates under Mynt, a fintech firm backed by Ant Group, Ayala Corporation, and Globe Telecom’s 917Ventures. Its crypto arm, GCrypto, offers 39 digital assets, including USDC and PayPal’s PYUSD, through a partnership with regulated local exchange PDAX.

Meanwhile, speculation around a potential GCash IPO continues to build. Reports suggest the company could seek an $8 billion valuation by the end of 2025, though it remains in no hurry to go public after a recent funding round valued it at $5 billion.

By embracing stablecoins like USDC, GCash is strengthening its role in the evolving digital finance landscape, positioning itself as a bridge between traditional banking and blockchain-powered payments.

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