USDC Now Supported on GCash, the Philippines’ Most Popular Digital Wallet

GCash Adds USDC Support, Strengthening Crypto-Powered Payments in the Philippines

GCash, the Philippines’ largest digital wallet, has integrated USDC, marking a major step toward expanding stablecoin-based financial services in the country.

As a dominant mobile payments platform processing over $65 billion (3.8 trillion PHP) annually, GCash is widely used for everyday transactions and remittances. The addition of USDC brings a more efficient and cost-effective option for users looking to send and receive funds via blockchain networks.

Remittances remain a backbone of the Philippine economy, hitting a record $38.3 billion in 2024 and contributing 8%-10% of GDP. While stablecoins currently account for less than 5% of cross-border payments, their adoption is expected to accelerate as more Filipinos explore faster and cheaper digital alternatives.

GCash operates under Mynt, backed by major investors including Ant Group (Alipay’s parent company), Ayala Corporation, and Globe Telecom’s 917Ventures. Its crypto services are powered by GCrypto, which offers 39 digital assets through a partnership with the licensed exchange PDAX.

Beyond expanding its crypto offerings, GCash is also rumored to be considering an IPO with a potential $8 billion valuation by the end of 2025. However, after recently securing funding that boosted its valuation to $5 billion, the company appears to be taking a measured approach, waiting for optimal market conditions.

With USDC now available, GCash is positioning itself as a leader in the intersection of mobile payments and crypto, offering users a seamless way to leverage blockchain-powered financial tools.