GCash, the largest digital wallet in the Philippines, now supports USDC stablecoin, bringing the total number of supported assets to 39, alongside PayPal’s PYUSD.
New Stablecoin Support
The addition of USDC to GCash expands the platform's cryptocurrency capabilities through its crypto division, GCrypto. Users now have access to another popular stablecoin for transactions. GCrypto is actively developing digital asset capabilities, already supporting 39 different cryptocurrencies.
GCash’s Market Impact and Partnerships
GCash processes over $65 billion in transactions annually and is often compared to China’s Alipay and WeChat Pay. The platform is owned by a consortium, including China’s Ant Group, Ayala Corporation, and 917Ventures. GCash's crypto services are offered in partnership with licensed local exchange PDAX. Analysts believe the addition of USDC could significantly accelerate stablecoin usage in the country.
Global Stablecoin Regulation
As stablecoin interest grows, regulatory oversight in the US is tightening. Senator Bill Hagerty introduced an updated version of the GENIUS Act to enhance consumer protection and reserve mandates for stablecoin issuers. This legislation could create additional barriers for foreign stablecoin issuers, providing an advantage to US players.
The integration of USDC into GCash represents a significant step in the development of cryptocurrency services in the Philippines, boosting stablecoin usage in the economy.
