Philippines’ GCash Introduces Support for USDC Stablecoin
GCash, the leading digital wallet in the Philippines, will now support stablecoins, specifically USDC. Key points include:
- GCash processes over $65 billion (3.8 trillion PHP) annually.
- Filipino remittances reached a record $38.3 billion in 2024, making up about 8%-10% of GDP.
- GCash is operated by Mynt, backed by Ant Group, Ayala Corporation, and Globe Telecom's 917Ventures.
- Through its GCrypto subsidiary, GCash offers crypto services and trades 39 different assets, including Paypal's PYUSD.
- Stablecoin transfers constitute less than 5% of all inbound remittances.
- GCash may seek an IPO valuation of at least $8 billion by the end of 2025 but completed a funding round raising its valuation to $5 billion, allowing it to delay going public.