GCash has announced the introduction of PayPal’s stablecoin, PayPal USD (PYUSD), to the Philippine market. This development allows users and freelancers that utilise the PayPal platform to send PYUSD tokens with low transaction fees to GCrypto, the in-app feature of GCash powered by the Philippine Digital Asset Exchange (PDAX).
GCrypto users can now buy, sell, and hold PYUSD tokens directly within the GCash app, without having to go through the PayPal platform.
Stablecoins like PYUSD are designed to maintain a stable value by being pegged to fiat currencies such as the US dollar or other stable assets like gold. This distinguishes stablecoins from cryptocurrencies such as Bitcoin, which can experience significant fluctuations in value.
Kenneth Chua, Chief Business Development Officer of PDAX, commented,
Kenneth Chua
“Through this joint effort, we are creating opportunities for Filipinos to utilise 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.”
The feature is accessible to GCash users who are at least 18 years old and have fully verified accounts.
Launched last year, GCrypto allows users to trade various cryptocurrencies, including Bitcoin, Ethereum, and Solana.
Featured image credit: Edited from Freepik
