PayPal Rolls Out its Stablecoin in the Philippines Through GCash

A new stablecoin has officially been introduced to the Philippine market. Financial technology firm PayPal has made its own stablecoin, PayPal USD (PYUSD), available to the public through the e-wallet brand GCash.

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Users, including freelancers, will be able to send PYUSD tokens from PayPal to GCrypto—the in-app feature of GCash powered by the Philippine Digital Asset Exchange (PDAX)—with low transaction charges. This means people can now buy, sell, and hold the stablecoins directly through the e-wallet alone. The feature will be accessible to GCash users who are at least 18 years old and have fully verified accounts.

“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,” Kenneth Chua, chief business development officer of PDAX, said.

Just like any other stablecoin, PYUSD is designed to maintain a stable value. It is pegged to fiat or government-issued currencies, such as the U.S. dollar, as well as other assets like gold. This is what makes stablecoins different from cryptocurrencies such as Bitcoin, which can experience significant fluctuations in value due to movements in the market.

GCrypto, which was launched just last year, allows GCash users to trade various cryptocurrencies, including Bitcoin, Ethereum, and Solana.

PayPal is an American multinational fintech company that operates an online payments system, serving as an electronic alternative to traditional paper methods, such as checks and money orders. It caters to consumers and businesses in approximately 200 markets globally.