Philippines' GCash takes crypto leap by adding USDC support
For many Filipinos, digital wallets have become essential tools for everyday transactions—paying for rides, sending money to family, or splitting restaurant bills with friends. GCash, the country's leading digital wallet with about 100 million users, has been at the forefront of this financial revolution.
The company, which processes over $65 billion annually, is now taking it a step further by integrating USDC (USD Coin), a cryptocurrency stablecoin pegged to the US dollar. This integration allows users to hold and transact with USDC directly within their digital wallet.
The impact could be substantial in a country where remittances reached a record $38.3 billion in 2024, accounting for approximately 8%-10% of the Philippines' GDP. Stablecoin-based transfers, while still relatively small at less than 5% of all inbound remittances, represent a growing segment of the market.
Interestingly, GCash already offers crypto services through its GCrypto subsidiary, which has partnered with a locally licensed crypto exchange, PDAX. GCrypto provides 39 different assets for trading in total, including Paypal's PYUSD stablecoin. However, the addition of USDC further expands these offerings, providing users with a stable digital currency option within their familiar digital wallet ecosystem.
This move isn't all surprising, considering competitors like PayMaya have been exploring similar cryptocurrency integrations. Meanwhile, regional players like GrabPay have been watching closely as the digital currency landscape evolves.
But GCash's addition could position it as a leader in Southeast Asia's evolving digital finance ecosystem, combining the convenience of digital wallets with the innovation of stablecoins. In fact, recent reports suggest GCash could seek an IPO valuation of at least $8 billion by the end of 2025.
This is all happening while the company recently completed a funding round that raised its valuation to $5 billion.