GCash now trading dollar-based crypto

MANILA, Philippines — E-wallet leader GCash has brought in the USD Coin (USDC) into its cryptocurrency platform to enable Filipinos to trade the digital asset that has 1:1 value with the dollar.

GCash yesterday said digital currency USDC is now available to buy, hold, receive and transact in GCrypto, offering Filipinos the opportunity to manage one of the most secure cryptocurrency.

USDC, issued by payment developer Circle, is a fully reserved crypto backed by cash-equivalent assets, making it redeemable for 1:1 with the dollar.

USDC is regulated, unlike unregulated cryptos that allow issuers to take risks with their reserves. USDC is backed by reserves that are deposited in financial institutions with monthly attestations that are publicly available.

As of March 13, Circle said there are $58.26 billion USDCs in circulation backed by $58.51 billion in reserves. USDC is designed to provide holders with ready liquidity if they want to withdraw.

Likewise, transactions made with USDC are completed in seconds at any time of the day, unlike legacy payments that take hours to be cleared.

Globally, USDC is a partner of the largest payment channels in the world like MoneyGram, Visa and Worldpay, bringing down the cost of transactions to less than a cent.

GCash group head of wealth management Arjun Varma said the partnership with Circle opens up an opportunity for Filipinos to access one of the most stable cryptos.

“The integration of USDC (in GCash) is a significant step in enhancing financial inclusion in the Philippines. By offering ease of access to digital dollars, we empower our users with a stable and globally-recognized financial asset,” Varma said.

Circle vice president for Asia Pacific Yam Ki Chan said the company believes that the expansion of financial tools also drives economic inclusion. This is the reason Circle chose to team up with GCash, as Chan said the e-wallet encourages Filipinos to join the digital economy.

GCrypto is one of the several features of GCash under wealth management, along with GSave, GStocks and GFunds.

As interest in crypto grows among Filipinos after the pandemic, GCrypto saw its user base go up by nearly three-fold on a yearly comparison in 2024.