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GCash, a leading digital wallet platform in the Philippines, recently announced its support for the USDC stablecoin. The platform plays a significant role in the country’s economy due to its wide user base and high transaction volume. With the new feature offered through its GCrypto service, GCash aims to enhance integration into the cryptocurrency ecosystem. The company is expected to reach a valuation of $8 billion by the end of 2025 through its plans for an initial public offering.
GCash’s Economic Contribution and Growth Volume
GCash occupies a central position in daily financial transactions in the Philippines. Similar to applications like Alipay and WeChat Pay in China, GCash has achieved an annual transaction volume exceeding $65 billion. The total remittances in the Philippines are projected to reach $38.3 billion by 2024, representing approximately 8% to 10% of the country’s gross domestic product. The widespread use of GCash is regarded as a significant driver of economic vitality in the region.
The platform’s digital payment and financial services also create alternative solutions for users without bank accounts. Accessible via mobile devices, services allow users to perform various transactions, from bill payments to investment operations. This increases financial inclusion while also contributing to the growth of digitalization.
Mynt, the operator of GCash, operates in partnership with Ant Group, Ayala Corporation, and Globe Telecom’s subsidiary 917Ventures. This structural strength facilitates the platform’s ability to keep pace with technological advancements and quickly integrate new features.
GCrypto Service and Future Plans
The GCrypto sub-platform within GCash allows users to conduct cryptocurrency transactions. Users can exchange 39 different cryptocurrencies, including PayPal’s PYUSD stablecoin. The addition of USDC support has further increased the number of stablecoins eligible for transactions. It’s noted that GCrypto operates in collaboration with a local licensed digital asset exchange.
GCash’s integration into the cryptocurrency sector provides flexibility against changing market conditions. Stablecoin-based transfers continue to attract interest among users due to their low cost and speed advantages. However, these transactions still hold a minor share within the overall transaction volume.
According to Bloomberg, GCash plans to go public by the end of 2025, aiming for a minimum valuation of $8 billion. The company previously reached a $5 billion valuation in an earlier funding round. This development indicates high investor interest and the formation of favorable conditions for the public offering.
