- Gcash integrates Circle’s USDC, giving 100 million users direct access to digital dollars.
- Users can now buy, hold, and send USDC directly through the Gcash app’s GCrypto platform.
- The partnership boosts financial inclusion and provides stable, borderless payment options.
Gcash, the largest digital wallet in the Philippines, has connected its 100 million users to Circle’s USDC stablecoin network, marking a major shift in digital finance across the country. On March 18, Gcash announced in Manila that users can now access USDC via the GCrypto platform. This allows them to convert Philippine pesos directly into USDC using the Gcash app.
The new feature supports global payments, savings, and other financial transactions. Circle CEO Jeremy Allaire shared the news on X. He noted that another 100 million users have now joined Circle’s growing stablecoin network. Further, this partnership would boost financial empowerment in the Philippines. USDC is a regulated stablecoin, backed 1:1 by cash and cash-equivalent reserves held by financial institutions. Independent third-party firms audit these reserves every month to ensure transparency.
Yam Ki Chan, Circle’s vice president for Asia Pacific, highlighted this point, stating that millions of Filipinos can now join the digital economy with confidence and security. The integration comes as stablecoin adoption rises globally. Notably, Gcash aims to position itself as a gateway for users seeking secure, borderless digital financial tools. Arjun Varma, Gcash’s Group Head of Wealth Management, emphasized that the integration is a big step towards greater financial inclusion across the Philippines. He also added that digital dollars offer users a stable and globally recognized financial asset.
Related: Stablecoin Market Cap Hits $219B, Growing Closer to Ethereum
GCash users can now buy, hold, and send USDC using GCrypto without using separate crypto exchanges. The integration reduces dependence on traditional banks, helping users avoid costly fees and long transaction periods.
Circle’s USDC is less volatile than cryptocurrencies such as Bitcoin or Ethereum. Its stability makes it more suitable for daily transactions and savings. This is important in the Philippines, where many people still lack access to affordable banking services.
However, the integration may still face challenges. Some users have expressed concerns about the country’s outdated financial infrastructure, while others have raised issues about privacy when using blockchain networks for payments. A DeFi researcher, Ignas pinpointed that senders’ wallet addresses could be hidden revealing only the transaction, thereby improving privacy. Despite these issues, the Gcash USDC integration is a milestone that opens up new financial opportunities for millions of Filipinos.
