PayPal’s cryptocurrency, PayPal USD (PYUSD) stablecoin can now be accessed through the GCrypto feature in the GCash application.
On Tuesday, GCash announced the launch of a faster and more secure option for people interested in cryptocurrency. The launch and incorporation of PYUSD in the Philippine market would allow everyone to learn how to grow their wealth in a secure manner.
Users can buy, sell, and hold PYUSD tokens through GCrypto, the in-app feature within GCash. The feature is powered by PDAX, a cryptocurrency trading platform in the Philippines. The PYUSD stablecoin value is equivalent to $1, as it is tied to the US Dollar.
Through GCrypto, more Filipinos are given opportunities to incorporate cryptocurrency into their daily lives by sending remittances or making purchases. This particular move encourages members to utilize digital assets as a secure and practical solution for spending and saving money.
"Crypto, unlike centralized currencies, is digital, secure, and available for everyone. These factors are also what made GCash preferable to many Filipinos, making us the largest digital ecosystem in the country,” GCash Vice President and group head of new business Winsley Bangit said.
The company believes that through digital finance, everyone can be empowered, including the unbanked and underbanked. One of their main goals is to regulate inclusivity among Filipinos to maximize the potential for economic growth.
The company’s initiative would aid in the country’s current challenges in financial literacy if deemed to be secure and inclusive. As the gap between the banked and unbanked citizens continues to grow, there is a great need to include those left out. The 2024 Credit Perception Index (CPI) results suggested that education on finance among Filipinos to combat the fear and reservation in exploring other alternatives.
"The transcendence of crypto, partnered with a platform like ours, creates a more solid structure on how our users can grow their wealth,” Bangit concluded.
To have access to cryptocurrencies in GCrypto, users must be at least 18 years old with a fully verified account. GCrypto was launched in 2023, due to the popularity of crypto in the country.
