Gcash, the largest digital wallet in the Philippines, has announced support for stableecoins via USDC.

Publicly available data shows that Gcash, similar to China’s Alipay or WeChat Pay, makes over $ 65 billion (3.8 trillion Filipino Pesos) in the annual transaction volume.

Filipino transfers reached a record $ 38.3 billion in 2024 and accounts for approx. 8% -10% of the country’s GDP.

Alipay Owner-Ant Group, Ayala Corporation and Manilla-based Globe Telecoms 917venture’s own Gcash Operator Myt. GCASH offers Crypto Services via its Gcrrypto subsidiary, which has collaborated with locally licensed Crypto Exchange PDAX.

In total, GCrypto offers 39 different assets for trading on its platform, including PayPal’s Pyusd StableCoin. StableCOin-based transfers grow as a proportion of the market, but remains relatively small, with less than 5% of all incoming transfers using crypto rails.

Recently, Bloomberg reported that Gcash could apply for an IPO value of at least $ 8 billion by the end of 2025.

The company is reportedly not busy announcing when it recently completed a financing round that raised its valuation to $ 5 billion, giving it enough capital and flexibility to wait for favorable market conditions.