Ayala-backed e-wallet platform GCash has launched PayPal’s stable coin locally, allowing Filipinos to trade a type of cryptocurrency protected from price volatility that is common among digital assets.
GCash on Tuesday said PayPal USD (PYUSD) tokens could now be traded via GCrypto, an in-app feature powered by the Philippine Digital Asset Exchange, at “low transaction fees.”
Stable coins are a type of cryptocurrency tied to another currency, commodity or financial instrument.
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In the case of PYUSD, it is tied to the US dollar and its value is meant to be equivalent to $1.“Through this joint effort, we are creating opportunities for Filipinos to utilize cryptocurrency in their daily lives,” Kenneth Chua, PDAX chief business development officer, said in a statement.
“Whether it’s sending remittances or making purchases, this initiative will allow users to embrace digital assets as a secure and practical solution,” Chua added.
According to GCash, PYUSD is issued by Paxos Trust Co. and employs multiple blockchains to give users more flexibility and choices with stable coins.
GCash currently requires users to be at least 18 years old with a fully verified account before they can trade cryptocurrencies via GCrypto.
“Crypto, unlike centralized currencies, is digital, secure and available for everyone,” said Winsley Bangit, GCash vice president and group head of new business.
“Inclusivity is a 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,” Bangit added.
GCash launched GCrypto in 2023, driven by the growing popularity of cryptocurrency in the Philippines. INQ