STABLECOIN USD Coin (USDC) is now available on GCrypto, the cryptocurrency trading platform of electronic wallet giant GCash.
This allows GCrypto users to receive, buy, hold, or transact the cryptocurrency stablecoin, which is issued by Circle.
“The integration of USDC is a significant step in enhancing financial inclusion in the Philippines. By offering easy access to digital dollars, we empower our users with a stable and globally recognized financial asset,” GCash Group Wealth Management Head Arjun Varma said in a statement on Wednesday.
Stablecoins are pegged to a fiat currency or commodity to give it a stable value, unlike other cryptocurrencies like Bitcoin or Ethereum, which have volatile prices as they are not backed by assets.
USDC is held at a stable value of one-to-one to the dollar and backed by cash and cash equivalents stored in regulated financial institutions.
“With USDC, GCash users can access a stable digital dollar that helps provide stability while facilitating seamless and cost-effective transactions in an evolving digital economy,” the company said.
To acquire USDC, GCash users must select USDC on GCrypto via the GCash app and complete the conversion with their GCash balance.
“At Circle, we believe expanding access to digital financial tools drives economic empowerment. We are excited that GCash is enabling millions of Filipinos to participate in the digital economy with confidence and security,” Circle Asia-Pacific Vice-President Yam Ki Chan said. — AMCS
