GCash, the leading digital wallet in the Philippines, has revealed its new support for stablecoins through USDC.
The most widely utilized digital money application in the Philippines, GCash, has just announced the incorporation of USDC into its mobile wallet. An additional ~100 million users are being added to Circle’s stablecoin ecosystem. https://t.co/ruscNYYjJI
— Jeremy Allaire – jda.eth / jdallaire.sol (@jerallaire) March 21, 2025
Data available to the public indicates that GCash, akin to China’s Alipay or WeChat Pay, handles over $65 billion (3.8 trillion Philippine Pesos) in yearly transaction volume.
Filipino remittances reached a historic high of $38.3 billion in 2024, making up roughly 8%-10% of the nation’s GDP.
GCash is operated by Mynt, which is co-owned by Ant Group, Ayala Corporation, and Manila-based Globe Telecom’s 917Ventures. The platform provides cryptocurrency services through its GCrypto branch, partnering with a locally licensed cryptocurrency exchange, PDAX.
GCrypto supports 39 distinct assets for trading on its platform, including Paypal’s PYUSD stablecoin. Transfers using stablecoins are increasing in market share but still represent a relatively small portion, with less than 5% of all incoming remittances utilizing cryptocurrency systems.
Recently, reports emerged that GCash is aiming for an initial public offering (IPO) valuation of a minimum of $8 billion by the end of 2025.
The company is reportedly not in a hurry to go public, having recently completed a funding round that increased its valuation to $5 billion, providing it with the capital and flexibility to wait for the right market conditions.