Philippines’ Largest Digital Wallet GCash Adds USDC, Expands Crypto Offerings
GCash, the leading digital wallet in the Philippines, has officially integrated USDC, further expanding its crypto services and stablecoin support.
The move comes as stablecoins gain traction in global remittances, with USDC offering a faster, cost-effective alternative to traditional banking channels. GCash, often compared to China’s Alipay and WeChat Pay, processes over $65 billion (3.8 trillion Philippine Pesos) in annual transactions.
Remittances play a crucial role in the Philippine economy, reaching a record $38.3 billion in 2024—accounting for roughly 8%-10% of the country’s GDP. While crypto-based transfers remain a small fraction of this market, they are steadily growing, with stablecoins like USDC offering instant cross-border transactions at lower fees.
GCash operates under Mynt, backed by Ant Group (Alipay’s parent company), Ayala Corporation, and Globe Telecom’s 917Ventures. The platform’s crypto services are provided through its GCrypto subsidiary, which is partnered with the licensed local exchange PDAX.
GCrypto currently supports 39 digital assets, including PayPal’s PYUSD stablecoin, reflecting its ambition to bridge traditional finance with the growing crypto economy.
Meanwhile, GCash is reportedly eyeing a potential IPO with a valuation target of at least $8 billion by the end of 2025. However, sources indicate the company is in no rush to go public after securing a recent funding round that lifted its valuation to $5 billion, ensuring financial flexibility.
With USDC integration, GCash is positioning itself at the forefront of digital payments and crypto adoption in Southeast Asia.
