Overview:
GCash, the largest digital wallet in the Philippines, has announced its support for USDC stablecoins, enabling access for approximately 100 million users to Circle’s stablecoin network.
Key Highlights:
- GCash, owned by China’s Ant Group along with Ayala Corporation and 917Ventures, facilitates over $65 billion in annual transactions through its GCrypto subsidiary.
- Despite indications of a potential $8 billion IPO in the works, GCash is currently not rushing to go public after a recent funding round that valued the company at $5 billion.
Quote:
“The largest and most widely used digital money app in the Philippines, GCash, just announced support for USDC in their mobile wallet. Another ~100m users being brought into Circle’s stablecoin network.” — Jeremy Allaire - jda.eth / jdallaire.sol (@jerallaire), March 21, 2025
Continued Growth:
GCash is similar to China’s Alipay or WeChat Pay and has publicly reported its transaction volume, revealing that remittances to the Philippines reached a record $38.3 billion in 2024, constituting roughly 8%-10% of the national GDP. GCash offers a variety of cryptocurrencies through its subsidiary GCrypto, which currently supports 39 different assets including Paypal’s PYUSD stablecoin. Despite stablecoin transfers gaining traction, they still represent a small fraction of the total market share.
Recently, Bloomberg report suggest GCash aims for an IPO valuation of at least $8 billion by the end of 2025, but is comfortable waiting for optimal market conditions after its recent funding round raised its valuation significantly.
