GCash Brings Digital US Dollars to Filipinos through Circle’s USDC on GCrypto

GCash, the leading mobile wallet in the Philippines with millions of users to date, is offering Circle’s USDC, a fully reserved digital dollar, to millions of Filipinos. This collaboration allows GCash users to receive, buy, hold, or transact with USDC within their GCrypto wallets, providing a secure and accessible digital dollar for financial transactions and savings.

USDC is a fully reserved digital dollar 100% backed by highly liquid cash and cash-equivalent assets and redeemable 1:1 for US dollars. The reserves for USDC are held at regulated financial institutions with published third-party monthly attestations, providing a high level of transparency for GCash users. With USDC, GCash users can access a stable digital dollar that helps provide stability while facilitating seamless and cost-effective transactions in an evolving digital economy.
 
“The integration of USDC is a significant step in enhancing financial inclusion in the Philippines. By offering easy access to digital dollars, we empower our users with a stable and globally recognized financial asset, ” said GCash Group Head of Wealth Management Arjun Varma.

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

Acquiring USDC is seamless — GCash users simply navigate to GCrypto within their GCash app, select ‘USDC’, and complete the conversion with their GCash balance.