Philippines-based mobile wallet provider Gcash has announced a significant update to its Gcrypto platform, integrating the Circle USDC \ stablecoin. This event opens up new opportunities for millions of users by allowing them to convert Philippine Pesos to US dollars directly in the Gcash\app.
USDC is a regulated stablecoin that is backed at a 1: 1 ratio by cash and cash equivalents held in financial institutions. Monthly certifications from third-party firms ensure the transparency and reliability of this financial instrument.
Circle CEO Jeremy Allaire highlighted the importance of this event, noting that Gcash is the largest and most widely used digital money app in the Philippines. Circle believes that increasing access to digital financial instruments contributes to the expansion of economic opportunities for consumers.
Circle’s Vice President for Asia-Pacific, Yam Ki Chan, said the company is excited to provide millions of Filipinos with the opportunity to participate in the digital economy with confidence and security.
Gcash emphasized that the addition of USDC strengthens confidence in the use of digital currency on the platform. Arjun Varma, head of Gcash’s wealth management group, noted that the integration of USDC is an important step in expanding access to financial services in the Philippines.
The executive director of Gcash added that by offering easy access to digital dollars, the company provides its users with a stable and globally recognized financial asset.
The service is available through Gcrypto, where users can select the US dollar and complete the transaction using their existing balance in pesos. This makes USDC even more attractive to Filipino users seeking to participate in the global financial system.
The integration of the Circle USDC stablecoin into the Gcash platform represents a significant step forward for the development of digital finance in the Philippines. This update not only expands the user experience, but also strengthens confidence in the use of digital currencies in the country. With growing global interest in stablecoins, Gcash is positioning itself as a key gateway for Filipinos seeking access to secure and limitless financial instruments.
