GCash Crypto Accessibility with PayPal USD in the Philippines Launch

 

Fast, affordable transactions with PYUSD are now a reality for millions of #GCash users.

PayPal’s stablecoin, PayPal USD (PYUSD), has made its debut in the Philippine market via GCash, the nation’s top finance super app. This development enables users and freelancers to conveniently send PYUSD tokens to GCrypto, a feature within the GCash app powered by PDAX, at minimal transaction fees. Furthermore, GCrypto users can now buy, sell, and hold PYUSD tokens directly within the GCash app.

Issued by Paxos Trust Company, PYUSD offers holders the advantage of speedy and secure transactions while reducing the price volatility often associated with other digital assets. The stablecoin operates on multiple blockchains, including the Solana blockchain, which currently handles over twice the blockchain traffic of the next leading network. This offers users greater flexibility and options with stablecoins, along with faster and more cost-effective transactions via the Solana Network.

“The introduction of PYUSD on GCash represents a significant stride in democratizing access to financial services. It provides millions of users in the Philippines with seamless and cost-effective access to stablecoin technology,” said Sheraz Shere, GM of Payments, Solana Foundation.

“Through this collaborative effort, we’re opening doors for Filipinos to utilize cryptocurrency in their everyday lives. Whether it’s sending remittances or making purchases, this initiative will enable users to adopt digital assets as a secure and practical solution,” said Kenneth Chua, Chief Business Development Officer of PDAX.

Cryptocurrencies have gained popularity due to their secure, blockchain-based technology, ensuring reliable and swift transactions. Each unique, counterfeit-proof token offers multiple layers of security. Beyond their reliability, cryptocurrencies provide inclusivity through decentralized public ledgers, making them accessible to all.

“Crypto, unlike centralized currencies, is digital, secure, and available for everyone. These factors have also made GCash a preferred choice for many Filipinos, making us the largest digital ecosystem in the country. We at GCash believe that digital finance can empower not just the unbanked and underbanked, but everyone. Inclusivity is the key to maximizing economic growth. The rise of crypto, coupled with a platform like ours, creates a more robust structure for our users to grow their wealth,” said Winsley Bangit, GCash Vice President and Group Head of New Businesses.

As the digital landscape continues to expand, this announcement highlights GCash’s commitment to keeping pace with trends and customer preferences, empowering them to enhance their finances for improved lives, and promoting inclusive, secure financial services for all.

To enjoy a fast and secure crypto buying and remittance experience, users must be at least 18 years old with a fully verified GCash account. Customers must also have updated their user profile information within the last 3 years and have a verified email address.

On the GCash App, tap on Invest, and click GCrypto. Tap “Get Started”. Next, enter the 6-digit authentication code, and tap “Submit” and tap “I Agree” to the terms and conditions. Fill out the Risk Profile questionnaire and tap Submit. Read through all the agreements (e.g. Terms and Conditions, Privacy Policy, etc.) and click “I have read and agree to all of the following”, then tap “Go to GCrypto”. If you are eligible and have followed the steps in opening a GCrypto account without encountering any errors or issues, your application will be approved immediately.

FAQs

1. What is PYUSD?

   • PYUSD is a stablecoin issued by Paxos Trust Company, now available in the Philippines through GCash.

2. What are the benefits of PYUSD?

   • PYUSD offers fast and secure transactions while minimizing price volatility. It operates on multiple blockchains, including the Solana blockchain, for faster and cheaper transactions.

3. How can I use PYUSD on GCash?

   • Users can send PYUSD tokens to GCrypto, a feature within the GCash app, and buy, sell, and hold PYUSD tokens directly within the app.

4. Who can use PYUSD on GCash?

   • Users must be at least 18 years old with a fully verified GCash account, have updated their user profile information within the last 3 years, and have a verified email address.

5. How can I start using GCrypto on GCash?

   • On the GCash App, tap on Invest, and click GCrypto. Follow the prompts to set up your GCrypto account.