GCash, the country’s leading financial super app, has partnered with PayPal in launching PayPal USD (PYUSD) on its platform.
The integration allows GCash users, including freelancers, to easily send and receive PYUSD tokens with low transaction fees through GCrypto, its in-app crypto feature powered by PDAX.
GCrypto users will also be able to buy, sell, and hold PYUSD tokens inside the GCash app.
PYUSD, issued by Paxos Trust Company, provides holders the benefit of fast and secure transactions while minimizing price volatility commonly associated with other digital assets.
The stablecoin employs multiple blockchains, including the Solana blockchain, which is currently powering more than double the blockchain traffic compared to the next leading blockchain network. This gives users more flexibility and choices with stablecoins, while providing faster and cheaper transactions utilizing the Solana Network.
“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, Sheraz Shere, GM of Payments, Solana Foundation, said.
“Through this joint effort, we are creating opportunities for Filipinos to utilize cryptocurrency in their daily lives. Whether it’s sending remittances or making purchases, this initiative will allow users to embrace digital assets as a secure and practical solution,” Kenneth Chua, chief business development officer of PDAX said.
Cryptocurrencies have surged in popularity due to their secure, blockchain-based technology, ensuring reliable and swift transactions. Each unique, counterfeit-proof token provides multiple layers of security. Beyond their reliability, cryptocurrencies offer inclusivity through decentralized public ledgers, making them accessible to everyone.
“Crypto, unlike centralized currencies, is digital, secure, and available for everyone. These factors are also what made GCash preferable to many Filipinos, making us the largest digital ecosystem in the country,” Winsley Bangit, GCash vice president and group head of new businesses, said.
“We at GCash believe that it is through digital finance that we can empower not just the unbanked and the underbank, but everyone, and we mean everyone. Inclusivity is the way to maximize economic growth. The transcendence of crypto, partnered with a platform like ours, creates a more solid structure on how our users can grow their wealth,” he added.
