Gcash Opens Philippine Wallets to Dollar-Backed USDC in Massive Crypto Shift

Mobile wallet provider Gcash, a dominant force in digital finance in the Philippines, announced on March 18 in Manila that it has integrated Circle's USDC stablecoin into its Gcrypto platform.

Gcash, a leading mobile wallet provider in the Philippines, has announced the integration of Circle’s USDC stablecoin into its Gcrypto platform. The update, unveiled on March 18 in Manila, enables millions of users to convert pesos into USDC directly within the Gcash app, granting them access to a fully reserved digital dollar for savings, payments, and global transactions.

“The largest and most widely used digital money app in the Philippines just announced support for USDC in their mobile wallet. Another ~100m users being brought into Circle’s stablecoin network,” Circle CEO Jeremy Allaire stated on X.

USDC is a regulated stablecoin backed 1:1 by cash and cash-equivalent reserves held at financial institutions, with monthly attestations from third-party firms to ensure transparency. It is used on various blockchains, including Ethereum and Flow, facilitating cross-border payments, enabling users to send and receive USDC seamlessly across different chains.

“At Circle, we believe expanding access to digital financial tools drives economic empowerment,” added Yam Ki Chan, Circle’s vice president for Asia Pacific. “We are excited that Gcash is enabling millions of Filipinos to participate in the digital economy with confidence and security.”

As global interest in stablecoins continues to grow, Gcash is positioning itself as a key gateway for Filipinos seeking access to such tools.

“The addition of USDC to our platform further enhances trust in using digital currencies,” noted Arjun Varma, Gcash Group Head of Wealth Management.

“This integration is a significant step in deepening financial inclusion in the Philippines. By offering easy access to digital dollars, we empower our users with a stable and globally recognized financial asset.”

The service is accessible through Gcrypto, where users can select USDC and complete the transaction using their existing peso balance. The updated Gcash app will allow users to buy, sell, and hold USDC, expanding the possibilities for financial management and cross-border transactions.