Stablecoin will be introduced in the Philippines by GCash, a super app for finance located in the Philippines, in collaboration with PayPal, a global payment company.
PayPal’s stablecoin, PayPal USD (PYUSD), is now accessible in the Philippine market via GCash, according to a statement released by GCash.
It added that this makes it simple for consumers and independent contractors to transfer PYUSD tokens to GCrypto, the GCash-powered PDAX in-app functionality, at a minimal cost per transaction. Within the GCash app, GCrypto users will also have the ability to purchase, sell, and hold PYUSD tokens.
The PYUSD token, produced by Paxos Trust Company, minimizes price volatility typically linked to other digital assets while offering holders the advantages of quick and safe transactions.
The Solana blockchain, which powers over twice as much blockchain traffic as the next most popular network, is one of the many blockchains that the stablecoin uses.
This makes using stablecoins more flexible and gives consumers additional options, all while enabling faster and less expensive transactions through the use of 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, General Manager of Payments, Solana Foundation.
It is observed that the safe, blockchain-based technology of cryptocurrencies, which guarantees dependable and quick transactions, has contributed to their meteoric rise in popularity.
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Every distinct, uncounterfeitable token offers several levels of protection. In addition to being dependable, cryptocurrencies promote inclusivity by being available to all users through decentralized public ledgers.
Meanwhile, Kenneth Chua, Chief Business Development Officer of PDAX, said that tthrough this joint effort, they 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,” he added.
“Crypto, unlike centralized currencies, is digital, secure, and available for everyone, These factors also made GCash preferable to many Filipinos, making us the largest digital ecosystem in the country,” said GCash vice president and group head of new businesses Winsley Bangit. We at GCash believe that it is through digital finance that we can empower not just the unbanked and the underbank but everyone, and we mean everyone, Inclusivity is the way to maximize economic growth. The transcendence of crypto, partnered with a platform like ours, creates a more solid structure on how our users can grow their wealth,” he added.
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This news further highlights GCash’s objective to stay abreast of market trends and consumer preferences, empowering people to enhance their financial well-being and promoting inclusive, secure financial services for all, in light of the ongoing development of the digital landscape.
Prepaid airtime may be bought with the GCash App, along with partner billers across the country, money transfers inside the Philippines, purchases from over 6 million partner merchants and social sellers, savings accounts, credit, loans, insurance, and investment opportunities.
G-Xchange, Inc. (GXI), a fully-owned subsidiary of Mynt, the first and only duacorn in the Philippines, is in charge of managing GCash’s mobile wallet operations.
About GCash
Gcash is the sole Philippine duacorn. It leads mobile financial services to accelerate financial inclusion through mobile money, financial services, and technology. Mynt runs two fintech companies: GXI, the mobile wallet operator of GCash, the #1 finance app in the Philippines, and Fuse Lending, a tech-based lending company that offers microloans and business loans to Filipinos.
About PayPal
PayPal Holdings, Inc., an American multinational financial technology business, offers an electronic alternative to cheques and money orders in most countries that enable online money transactions.
