GCash, PayPal team up to launch stablecoin in the Philippines

GCash said in a statement on Tuesday that PayPal's stablecoin PayPal USD (PYUSD) is now available in the Philippine market through GCash.

Leading Philippine mobile wallet GCash has partnered with global payment firm PayPal to launch its stablecoin in the Philippines.

In a statement on Tuesday, GCash said PayPal’s stablecoin PayPal USD (PYUSD) is now available in the Philippine market through GCash.

This will allow users and freelancers to easily send PYUSD tokens at low transaction fees to GCrypto, the in-app feature of GCash powered by PDAX.

GCrypto users will also be able to buy, sell, and hold PYUSD tokens inside the GCash app.

PYUSD, issued by Paxos Trust Company, provides holders the benefits of fast and secure transactions while minimizing price volatility commonly associated with other digital assets.

The stablecoin employs multiple blockchains, including the Solana blockchain, which is currently powering more than double the blockchain traffic compared to the next leading blockchain network.

This gives users more flexibility and choices with stablecoins while providing faster and cheaper transactions utilizing the Solana Network.

“The launch of PYUSD on GCash marks a significant step forward in democratizing access to financial services, providing millions of users in the Philippines with seamless and affordable access to stablecoin technology,” said Sheraz Shere, General Manager of Payments, Solana Foundation.

Meanwhile, Kenneth Chua, Chief Business Development Officer of PDAX, said that through this joint effort, they are creating opportunities for Filipinos to utilize cryptocurrency in their daily lives.

“Whether it’s sending remittances or making purchases, this initiative will allow users to embrace digital assets as a secure and practical solution,” he added.

It is noted that cryptocurrencies have surged in popularity due to their secure, blockchain-based technology, ensuring reliable and swift transactions.

Each unique, counterfeit-proof token provides multiple layers of security. Beyond their reliability, cryptocurrencies offer inclusivity through decentralized public ledgers, making them accessible to everyone.

“Crypto, unlike centralized currencies, is digital, secure, and available for everyone,

“These factors also made GCash preferable to many Filipinos, making us the largest digital ecosystem in the country,” said GCash vice president and group head of new businesses Winsley Bangit.

“We at GCash believe that it is through digital finance that we can empower not just the unbanked and the underbank but everyone, and we mean everyone,

“Inclusivity is the way to maximize economic growth. The transcendence of crypto, partnered with a platform like ours, creates a more solid structure on how our users can grow their wealth,” he added.

With the continued expansion of the digital landscape, this announcement also underscores GCash’s mission to keep up with trends and customers’ preferences, enabling them to power up their finances for better lives and fostering inclusive, safe financial services for all.

GCash App allows users to purchase prepaid airtime; pay bills via partner billers nationwide; send and receive money in the Philippines; purchase from over 6 million partner merchants and social sellers; and get access to savings, credit, loans, insurance and invest money.

GCash’s mobile wallet operations are handled by G-Xchange, Inc. (GXI), a wholly-owned subsidiary of Mynt, the first and only duacorn in the Philippines.