Local mobile e-wallet GCash recently announced its partnership with Circle, a global financial technology firm that allows payments, commerce, and financial applications to integrate digital currencies and utilize blockchain, to offer the stablecoin $USDC.
GCash and Circle Partnership
The partnership enables GCash users to receive, purchase, store, and transact with $USDC through their GCrypto wallets.
In a statement, GCash Group Head of Wealth Management Arjun Varma stated that integrating $USDC is a key step in improving financial inclusion in the Philippines, emphasizing that providing easy access to digital dollars empowers users with a stable and globally recognized financial asset.
“At Circle, we believe expanding access to digital financial tools drives economic empowerment… We are excited that GCash is enabling millions of Filipinos to participate in the digital economy with confidence and security.”
Yam Ki Chan, Vice President, Asia Pacific for Circle
In early March, GCrypto launched a $USDC raffle promo, offering users a chance to win up to ₱1 million worth of $USDC by maintaining a balance in their wallets.
The promo runs from March 3 to April 27, 2025, with participants earning raffle entries based on their $USDC holdings. It is open to KYC-verified GCrypto users in the Philippines, except for employees and their relatives.
Users must buy or transfer at least 1 $USDC into their GCrypto wallets to qualify. Weekly snapshots will determine eligibility, with 50 winners receiving 20 $USDC each week. The grand prize winner will be selected based on the April 27 snapshot.
Snapshot Dates:
- Week 1: March 9, 2025
- Week 2: March 16, 2025
- Week 3: March 23, 2025
- Week 4: March 30, 2025
- Week 5: April 6, 2025
- Week 6: April 13, 2025
- Week 7: April 20, 2025
What is USDC?
USD Coin, known for its ticker $USDC, is a fully reserved stablecoin pegged 1:1 to the U.S. dollar. It is issued by Circle and governed by Centre, a consortium that includes Circle and Coinbase.
Each $USDC is backed by cash and short-term U.S. Treasury assets held in regulated financial institutions, ensuring stability and transparency.
Moreover, $USDC operates on multiple blockchain networks, including Ethereum, Solana, and Polygon, allowing for fast, low-cost transactions. It is widely used for payments, remittances, trading, and DeFi applications, providing a secure and reliable digital dollar in the evolving digital economy.
How to Buy USDC in GCrypto?
Step 1: Open the GCash app and go to “GInvest.”
Step 2: Choose the GCrypto icon.
Step 3: Make sure that your GCrypto wallet has funds.
Step 4: Go to “Market” tab and choose $USDC.
- Note: Any blockchain will do.
Step 5: Choose the “Buy” icon.
Step 6: Enter the amount and confirm the transaction.
- Your crypto will appear in your GCrypto wallet instantly.
Recent GCash Updates
In 2024, the Bureau of the Treasury, in partnership with GCash and PDAX, announced the launch of GBonds, aiming to make government bonds more accessible to retail investors as part of the Philippines’ financial inclusion and digitalization efforts.
Then in June of the same year, Globe CEO Ernest Cu stated that GCash is targeting an IPO in 2025, potentially with a dual listing in the Philippines and the U.S., to provide investor liquidity and capitalize on strong foreign interest.
This article is published on BitPinas: GCash Partners With Circle to Bring USDC to Millions, Launches ₱1M Crypto Promo
