GCash, the largest digital wallet in the Philippines, has announced support for stablecoins through the USDC.
The largest and most widely used digital money app in the Philippines, GCash, has only announced support for the USDC in their mobile wallet. Another ~ 100m user was brought to the Circle’s Stablecoin network. https://t.co/ruscnyyjji
– Jeremy Allaire – JDA.eth / JDallaire.Sol (@Jerallaire) March 21, 2025
Public data available It is shown that GCash, similar to China’s Alipay or Wechat pay, produces more than $ 65 billion (3.8 trillion pesos of the Philippines) in the annual volume of transaction.
Filipino remittances It reached a record of $ 38.3 billion in 2024, and account for approximately 8% -10% of the country’s GDP.
Alipay Owner-Ant Group, Ayala Corporation and Manilla based on Globe Telecom 917ventures Own Gcash Operator Mynt. GCASH has offered crypto services via its gcrypto subsidiary, who has partnered Local Licensed Crypto Exchange PDAX.
In total gcrypto Offers 39 different possessions To trade on its platform, Paypal’s Piusd Stablecoin includes. Stablecoin -based shifts grow as a part of the market but remain relatively small, with less than 5% of all incoming remittances using crypto metals.
Recently, Bloomberg reported That GCASH can seek an IPO appreciation of at least $ 8 billion by the end of 2025.
The company, reported, has no rush to go public as it was recently completed by a funding that raised the appreciation of $ 5 billion, giving it enough capital and flexibility to wait for the desirable market conditions.
