Cryptocurrency PayPal USD now available in PH through GCash

American fintech firm PayPal’s cryptocurrency PayPal USD (PYUSD) is now available in the Philippine market through Globe-backed digital wallet and finance app GCash.

In a statement on Tuesday, GCash announced that PYUSD can now be used by GCrypto users to buy, sell, or hold PYUSD tokens.

GCrypto is an in-app feature within the GCash app powered by PDAX.

PYUSD, issued by Paxos Trust Company, provides holders the benefits of fast and secure transactions, while minimizing price volatility commonly associated with other digital assets, according to the digital wallet.

PayPal’s stablecoin employs multiple blockchains, including the Solana blockchain that is currently powering more than double the blockchain traffic compared to the next leading blockchain network. 

This gives users more flexibility and choices with stablecoins, while providing faster and cheaper transactions utilizing the Solana Network, GCash said.

"Through this joint effort, we 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,” said Kenneth Chua, chief business development officer of PDAX.

"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. 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,” said GCash vice president and group head of new businesses Winsley Bangit. —Ted Cordero/KBK, GMA Integrated News