Finance app GCash has integrated PayPal’s stablecoin, PayPal USD (PYUSD), into its platform, enabling users to access fast and affordable cryptocurrency transactions, particularly through its in-app crypto feature, GCrypto, powered by the Philippine Digital Asset Exchange (PDAX).
“The launch of PYUSD on GCash marks a significant step forward in democratizing access to financial services, providing millions of users in the Philippines with seamless and affordable access to stablecoin technology,” said Sheraz Shere, GM of Payments, Solana Foundation.”
With PYUSD now available on GCash, users can seamlessly send tokens at low transaction fees, and they can also buy, sell, and hold PYUSD directly within the app. PYUSD, issued by Paxos Trust Company, is designed to minimize the price volatility commonly associated with other digital assets, offering a more stable and secure option for transactions.
“Through this joint effort, we are creating opportunities for Filipinos to utilize cryptocurrency in their daily lives,” said Kenneth Chua, chief business development officer of PDAX. “Whether it’s sending remittances or making purchases, this initiative will allow users to embrace digital assets as a secure and practical solution.”
Cryptocurrency adoption
The launch of PYUSD on GCash aligns with the broader trend of increasing cryptocurrency adoption, driven by blockchain’s secure and decentralized nature.
“We at GCash believe that it is through digital finance that we can empower not just the unbanked and the underbanked, but everyone, and we mean everyone,” said Winsley Bangit, VP and and group head of new businesses, GCash. “Inclusivity is the way to maximize economic growth. The transcendence of crypto, partnered with a platform like ours, creates a more solid structure for how our users can grow their wealth.”
To access these services, users must be at least 18 years old and have a fully verified GCash account. The process to start using GCrypto is straightforward, ensuring users can quickly begin trading and utilizing PYUSD for various financial activities.