Share this article
Philippines' Largest Digital Wallet GCash Adds USDC Support
The country's largest digital wallet platform now offers support for stablecoins via USDC.
Mar 24, 2025, 5:32 a.m. 1 min read
What to know:
- GCash, the Philippines' largest digital wallet, has announced support for stablecoins via USDC, expanding Circle’s stablecoin network to its approximately 100 million users.
- The digital wallet owned by China's Ant Group, Ayala Corporation, and 917Ventures, handles over $65 billion in annual transactions and offers crypto services through its GCrypto subsidiary.
- Despite recent reports of a potential $8 billion IPO, GCash is is no hurry to go public after a funding round, which valued the firm at $5 billion.
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, 2025
Publicly 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.
Más para ti
CNBC reported Tuesday that Musk is discussing a merger between Tesla and SpaceX that would tie his tech empire closer together and instantly create the world’s fifth-largest corporate bitcoin treasury, worth $3.3 billion.
Lo que debes saber:
- Elon Musk is exploring a potential merger of Tesla and SpaceX, a move that would deepen operational overlap in areas such as power infrastructure and AI-related computing.
- A combined Tesla-SpaceX entity would control about 30,221 bitcoin, worth roughly $3.3 billion, making it the fifth-largest public corporate holder of the cryptocurrency.
Top Stories
