GCash Integrates USDC Stablecoin, Targeting the Philippines' $38 Billion Remittance Market

For many Filipinos, digital wallets have become essential tools for everyday transactions—paying for rides, sending money to family, or splitting restaurant bills with friends.

As the use of digital wallets for daily transactions like paying for rides, sending money to family, or splitting restaurant bills becomes increasingly mainstream in the Philippines, one company is pushing the boundaries even further with the integration of a cryptocurrency.

Known for its massive user base of about 100 million people and an annual transaction volume of over $65 billion, GCash is a leading digital wallet in Southeast Asia. The company is now taking a significant step by introducing USDC (USD Coin), a cryptocurrency stablecoin that is directly pegged to the US dollar, into its digital wallet. This new development will allow GCash users to hold and transact with USDC seamlessly within their existing digital wallet.

The integration of USDC could have a substantial impact in the Philippines, especially considering the role of remittances in the country's economy. In 2024 alone, remittances reached a record-high of $38.3 billion, contributing approximately 8%-10% to the Philippines' GDP.

While the volume of stablecoin-based transfers is still relatively small, at less than 5% of all inbound remittances, it's a segment of the market that is rapidly expanding.

It's worth noting that GCash already offers cryptocurrency services through its subsidiary, GCrypto, which has partnered with a local cryptocurrency exchange, PDAX. GCrypto currently offers 39 different cryptocurrencies, including Paypal's PYUSD stablecoin, for trading to its users. The addition of USDC will further expand these offerings, presenting users with a stable digital currency option within the familiar GCash ecosystem.

This move shouldn't come as a complete surprise, considering that GCash's main competitor, PayMaya, has also been exploring the integration of cryptocurrency into its own digital wallet. Additionally, regional players like GrabPay are closely monitoring the developments in the digital currency space.

But with this addition, GCash could be positioning itself as a leader in Southeast Asia's evolving digital finance landscape, merging the convenience of digital wallets with the agility of stablecoins. In fact, recent reports indicate that GCash could be aiming for an IPO valuation of at least $8 billion by the end of 2025.

This news comes after the company recently completed a funding round that valued it at $5 billion.