GCash allows users to hold Circle’s USDC stablecoin crypto | ABS-CBN
Welcome, Kapamilya! We use cookies to improve your browsing experience. Continuing to use this site means you agree to our use of cookies. Tell me more!
GCash allows users to hold Circle’s USDC stablecoin crypto
GCash allows users to hold Circle’s USDC stablecoin crypto
MANILA -- GCash is now allowing its users to hold and make transactions with a new kind of cryptocurrency.
MANILA -- GCash is now allowing its users to hold and make transactions with a new kind of cryptocurrency.
In a statement, GCash said users can now receive, buy, hold, or transact with Circle's USDC, a cryptocurrency stablecoin fully backed by highly liquid cash and cash-equivalent assets and redeemable 1:1 for US dollars.
In a statement, GCash said users can now receive, buy, hold, or transact with Circle's USDC, a cryptocurrency stablecoin fully backed by highly liquid cash and cash-equivalent assets and redeemable 1:1 for US dollars.
GCash said users can get USDC by going to GCrypto on their GCash app, selecting ‘USDC’, and completing the conversion with their GCash balance.
GCash said users can get USDC by going to GCrypto on their GCash app, selecting ‘USDC’, and completing the conversion with their GCash balance.
Unlike other cryptocurrencies like bitcoin, which are prone to wild swings in value, stablecoins like USDC are pegged to the value of fiat currencies such as the US dollar or other more stable assets like gold.
Unlike other cryptocurrencies like bitcoin, which are prone to wild swings in value, stablecoins like USDC are pegged to the value of fiat currencies such as the US dollar or other more stable assets like gold.
ADVERTISEMENT
The country's leading e-wallet noted that the reserves for USDC are held at regulated financial institutions with published third-party monthly attestations, which gives GCash users transparency.
The country's leading e-wallet noted that the reserves for USDC are held at regulated financial institutions with published third-party monthly attestations, which gives GCash users transparency.
GCash group head of wealth management Arjun Varma said integrating USDC into its system helps boost financial inclusion in the Philippines.
GCash group head of wealth management Arjun Varma said integrating USDC into its system helps boost financial inclusion in the Philippines.
“By offering easy access to digital dollars, we empower our users with a stable and globally recognized financial asset," he said.
“By offering easy access to digital dollars, we empower our users with a stable and globally recognized financial asset," he said.
GCrypto, which was launched in 2023, allows users to buy and sell cryptocurrencies, including bitcoin, ethereum and solana.
GCrypto, which was launched in 2023, allows users to buy and sell cryptocurrencies, including bitcoin, ethereum and solana.
ADVERTISEMENT
ADVERTISEMENT
