GCash and PayPal Team Up to Launch Stablecoin in the Philippines

GCash, a prominent finance app in the Philippines, has partnered with PayPal to introduce a stablecoin, PayPal USD (PYUSD), to the Philippine market.

• Introduction of PYUSD: PayPal USD (PYUSD), issued by Paxos Trust Company, is now available through GCash. This stablecoin allows users and freelancers to make transactions with low fees via GCash’s GCrypto feature, powered by PDAX.

• Functionality: PYUSD can be used within GCash to buy, sell, and hold tokens. It operates on multiple blockchains, including Solana, known for its high transaction capacity and efficiency.

• Financial Impact: Sheraz Shere, General Manager of Payments at the Solana Foundation, states that the introduction of PYUSD through GCash enhances access to financial services, making stablecoin technology more accessible to Filipinos.

• Local Benefits: Kenneth Chua, Chief Business Development Officer of PDAX, notes that this partnership provides Filipinos with practical uses for cryptocurrency, including remittances and purchases.

• Security and Access: PYUSD offers secure, decentralized financial services. GCash Vice President Winsley Bangit highlights that the integration of crypto aligns with GCash’s goal of promoting financial inclusivity.

This collaboration reflects GCash’s commitment to keeping up with digital finance trends and expanding its range of financial services for a broader audience.