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The country's largest digital wallet platform now offers support for stablecoins via USDC.
Mar 24, 2025, 5:32 a.m. UTC
GCash, the largest digital wallet in the Philippines, has announced support for stablecoins via USDC.
The largest and most widely used digital money app in the Philippines , GCash, just announced support for USDC in their mobile wallet. Another ~100m users being brought into Circle’s stablecoin network. https://t.co/ruscNYYjJI
— Jeremy Allaire - jda.eth / jdallaire.sol (@jerallaire) March 21, 2025Publicly available data shows that GCash, which is similar to China's Alipay or WeChat Pay, does over $65 billion (3.8 trillion Philippine Pesos) in annual transaction volume.
Filipino remittances reached a record $38.3 billion in 2024, and account for approximately 8%-10% of the country's GDP.
Alipay owner-Ant Group, Ayala Corporation and Manilla-based Globe Telecom's 917Ventures own GCash operator Mynt. GCash offers crypto services via its GCrypto subsidiary, which has partnered with locally licensed crypto exchange PDAX.
In total GCrypto offers 39 different assets to trade on its platform, including Paypal's PYUSD stablecoin. Stablecoin-based transfers are growing as a share of the market but remain relatively small, with less than 5% of all inbound remittances using crypto rails.
Recently, Bloomberg reported that GCash could seek an IPO valuation of at least $8 billion by the end of 2025.
The company, reportedly, is in no rush to go public as it recently completed a funding round that raised its valuation to $5 billion, giving it enough capital and flexibility to wait for favorable market conditions.
Sam Reynolds
Sam Reynolds is a senior reporter based in Asia. Sam was part of the CoinDesk team that won the 2023 Gerald Loeb award in the breaking news category for coverage of FTX's collapse. Prior to CoinDesk, he was a reporter with Blockworks and a semiconductor analyst with IDC.
