GCash offering 'digital dollar' thru GCrypto

Globe-backed mobile wallet GCash is now offering "digital dollar" through the cryptocurrency within its platform.

In a news release, GCash announced Wednesday it is offering Circle USDC—a cryptocurrency stablecoin redeemable at 1:1 for US dollars.

The mobile wallet said its collaboration with Circle allows its users to "receive, buy, hold, or transact with USDC within their GCrypto wallets, providing a secure and accessible digital dollar for financial transactions and savings."

The USDC is a fully reserved digital dollar 100% backed by highly liquid cash and cash-equivalent assets.

GCash said the reserves for USDC are held at regulated financial institutions with published third-party monthly attestations, "providing a high level of transparency for GCash users."

"The integration of USDC is a significant step in enhancing financial inclusion in the Philippines," said GCash group head of wealth management Arjun Varma.

"By offering easy access to digital dollars, we empower our users with a stable and globally recognized financial asset," said Varma.

"At Circle, we believe expanding access to digital financial tools drives economic empowerment," said Yam Ki Chan, vice president, Asia Pacific for Circle.

To acquire USDC, GCash said its users simply have to navigate to GCrypto within their app, select ‘USDC’, and complete the conversion with their GCash balance. — VDV, GMA Integrated News