GCash users in the Philippines can now access digital US dollars through a new feature that brings Circle’s USDC to its GCrypto platform. The mobile wallet provider made the stablecoin available to offer users a simple way to receive, buy, hold, and use digital dollars.
USDC is a type of digital currency known as a stablecoin, which means its value is tied to the US dollar. Each USDC is backed 1:1 with cash and cash-equivalent assets kept in regulated financial institutions. These reserves are verified through monthly third-party reports, giving users a clear view of how the currency is supported.
With this move, GCash aims to provide Filipinos with more secure options to manage their money digitally. USDC can be used for transactions or saved as a way to avoid sudden changes in value often seen in cryptocurrencies.
“The integration of USDC is a significant step in enhancing financial inclusion in the Philippines,” said Arjun Varma, group head of wealth management at GCash. “By offering easy access to digital dollars, we empower our users with a stable and globally recognized financial asset.”
“At Circle, we believe expanding access to digital financial tools drives economic empowerment,” said Yam Ki Chan, vice president for Asia Pacific at Circle. “We are excited that GCash is enabling millions of Filipinos to participate in the digital economy with confidence and security.”
Using the new feature is simple. GCash users can open the GCrypto section in the app, choose USDC, and convert funds from their GCash balance.