GCash, the dominant digital wallet in the Philippines, now supports Circle’s USD Coin (USDC). This allows users to buy, hold, and send USDC seamlessly through the app’s GCrypto platform.

The integration of USDC is anticipated to significantly improve financial inclusion by enabling users to bypass slow and expensive traditional banking systems, potentially reaching 100 million users.

With traditional financial institutions showing interest in stablecoins, GCash’s support for USDC intensifies competition in the market, making it a challenging landscape for existing issuers like Tether and Circle.