GCash Expands Crypto Offerings with USDC Support Amid Rising Remittance Demand
GCash, the Philippines’ leading digital wallet, has added support for USDC, marking a significant step in integrating stablecoins into the country’s digital payments ecosystem.
Handling over $65 billion (3.8 trillion PHP) in transactions annually, GCash is a dominant force in mobile finance, drawing comparisons to China’s Alipay and WeChat Pay. Its latest move reflects the growing demand for stablecoin-powered financial solutions, particularly for remittances and cross-border transactions.
The Philippines remains one of the world’s top remittance-receiving nations, with overseas Filipino workers (OFWs) sending a record $38.3 billion home in 2024—equivalent to roughly 8%-10% of GDP. While crypto-based remittances currently account for less than 5% of total inflows, the adoption of USDC could accelerate this trend by offering a faster, low-cost alternative to traditional banking channels.
GCash operates under Mynt, a fintech firm backed by Ant Group, Ayala Corporation, and Globe Telecom’s 917Ventures. Its crypto division, GCrypto, facilitates digital asset trading in partnership with licensed local exchange PDAX, offering 39 cryptocurrencies, including PayPal’s PYUSD.
Meanwhile, speculation continues over a potential GCash IPO, with Bloomberg reporting that the company may seek an $8 billion valuation by the end of 2025. However, with a recent funding round valuing GCash at $5 billion, the company appears to be in no rush to go public.
By integrating USDC, GCash is positioning itself as a key player in the stablecoin revolution, bridging traditional and digital finance to enhance financial inclusion in the Philippines.
