GCash Integrates USDC, Expanding Stablecoin Access to Millions in the Philippines

GCash, the Philippines’ largest digital wallet app with over 80 million users, has officially integrated support for the USDC stablecoin, marking a significant move toward mainstream crypto adoption in Southeast Asia. The news was confirmed by Circle CEO Jeremy Allaire, who noted that this integration could bring another 100 million users into the USDC ecosystem.

Often compared to China's Alipay and WeChat Pay, GCash processes over $65 billion in annual transaction volume. The mobile wallet is operated by Mynt, a fintech venture backed by Ant Group (Alipay’s parent company), Ayala Corporation, and Globe Telecom’s 917Ventures. GCash has already made inroads into crypto through its GCrypto platform, which is integrated with the Philippines Digital Asset Exchange (PDAX), a locally licensed crypto exchange.

GCrypto currently offers 39 cryptocurrencies, including PayPal’s PYUSD stablecoin. Although crypto-powered remittances still account for less than 5% of the total, their share is growing. In 2024 alone, overseas Filipino remittances reached a record $38.3 billion—around 8–10% of the country’s GDP—highlighting the potential impact of cheaper and faster stablecoin transfers.

The USDC integration positions GCash to play a bigger role in cross-border payments and digital finance innovation. As stablecoin usage grows, Filipino users may increasingly turn to USDC for remittances, trading, and digital transactions.

Meanwhile, GCash is reportedly eyeing a public listing, with a potential IPO valuation of over $8 billion by the end of 2025. The company is in no rush, however, as a recent funding round raised its valuation to $5 billion, giving it ample runway and strategic flexibility.

With stablecoin integration, GCash continues to bridge traditional finance and crypto, reshaping the digital payment landscape in the Philippines.