PayPal’s stablecoin, PayPal USD (PYUSD), is now accessible in the Philippines through GCash, the country’s leading finance super app.
This move allows users and freelancers to seamlessly send PYUSD tokens with low transaction fees via GCrypto, an in-app feature powered by PDAX.
Additionally, GCrypto users can now buy, sell, and hold PYUSD tokens directly within the GCash app.
PYUSD, issued by Paxos Trust Company, offers fast and secure transactions while minimizing the price volatility often associated with digital assets.
It employs multiple blockchains, including Solana, which handles more than double the blockchain traffic compared to other networks.
The setup provides users with greater flexibility and choice in using stablecoins, enabling faster and cheaper transactions via the Solana Network.
“The launch of PYUSD on GCash marks a significant step forward in democratizing access to financial services, providing millions of users in the Philippines with seamless and affordable access to stablecoin technology,” said Sheraz Shere, GM of Payments at the Solana Foundation.
Kenneth Chua, Chief Business Development Officer of PDAX, added, “Through this joint effort, we are creating opportunities for Filipinos to utilize cryptocurrency in their daily lives. Whether it’s sending remittances or making purchases, this initiative will allow users to embrace digital assets as a secure and practical solution.”
Cryptocurrencies have grown in popularity due to their secure, blockchain-based technology, which ensures reliable and swift transactions.
Each unique, counterfeit-proof token offers multiple layers of security, making cryptocurrencies inclusive through decentralized public ledgers.
“Crypto, unlike centralized currencies, is digital, secure, and available for everyone. These factors also make GCash preferable to many Filipinos, making us the largest digital ecosystem in the country. We believe that digital finance can empower not just the unbanked and underbanked but everyone. Inclusivity maximizes economic growth. The transcendence of crypto, partnered with a platform like ours, creates a more solid structure for our users to grow their wealth,” stated Winsley Bangit, GCash vice president and group head of new businesses.
This announcement underscores GCash’s mission to stay ahead of digital trends and cater to customer preferences, fostering inclusive, safe financial services for all.
To use GCrypto, users must be at least 18 years old with a fully verified GCash account, updated profile information, and a verified email address.
For a swift and secure crypto experience, follow these steps on the GCash app: tap on Invest, click GCrypto, tap “Get Started”, enter the 6-digit authentication code, and submit.
Agree to the terms and conditions, fill out the Risk Profile questionnaire, and submit.
After reading all agreements, click “I have read and agree to all of the following” and tap “Go to GCrypto.”
If eligible, your application will be approved immediately.
