Markets, USDC, Jeremy Allaire, Philippines The nation’s largest digital pockets platform now provides help for stablecoins by way of USDC.
GCash, the biggest digital pockets within the Philippines, has introduced help for stablecoins by way of USDC.
Publicly available data reveals that GCash, which has similarities to China’s Alipay or WeChat Pay, does over $65 billion (3.8 trillion Philippine Pesos) in annual transaction quantity.
Filipino remittances reached a file $38.3 billion in 2024, and account for roughly 8%-10% of the nation’s GDP.
Alipay owner-Ant Group, Ayala Corporation and Manilla-based Globe Telecom’s 917Ventures personal GCash operator Mynt. GCash provides crypto providers by way of its GCrypto subsidiary, which has partnered with locally licensed crypto exchange PDAX.
In whole GCrypto offers 39 different assets to commerce on its platform, together with Paypal’s PYUSD stablecoin. Stablecoin-based transfers are rising as a share of the market however stay comparatively small, with less than 5% of all inbound remittances utilizing crypto rails.
Recently, Bloomberg reported that GCash may search an IPO valuation of at the least $8 billion by the tip of 2025.
The firm, reportedly, is in no rush to go public because it lately accomplished a funding spherical that raised its valuation to $5 billion, giving it sufficient capital and adaptability to attend for favorable market situations.
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