GCash launches PayPal's stable coin, allowing Filipinos to trade cryptocurrency protected from price volatility

GCash on Tuesday said PayPal USD (PYUSD) tokens could now be traded via GCrypto, an in-app feature powered by the Philippine Digital Asset Exchange, at “low transaction fees.”

Ayala-led digital wallet firm GCash has introduced PayPal’s stable coin in the Philippines, enabling Filipinos to trade a cryptocurrency shielded from the sharp price movements common among digital assets.

GCash on Tuesday said PayPal USD (PYUSD) tokens can now be traded through GCrypto, an in-app service powered by the Philippine Digital Asset Exchange, at “minimal transaction fees.”

Stable coins are a class of cryptocurrency pegged to another currency, commodity or financial instrument.

READ: PayPal funds can now be redeemed via GCash

In the case of PYUSD, it is pegged to the US dollar, with its value designed to be equivalent to $1.

“With this joint collaboration, we are creating avenues for Filipinos to utilize cryptocurrency in their daily transactions,” Kenneth Chua, PDAX chief business development officer, said in a statement.

“Whether it’s sending remittances or making purchases, this initiative will enable users to integrate digital assets as a secure and practical solution,” Chua added.

According to GCash, PYUSD is issued by Paxos Trust Co. and utilizes multiple blockchains to provide users with greater flexibility and options for stable coins.

GCash currently requires users to be at least 18 years old with a fully verified account before they can trade cryptocurrencies through GCrypto.

“Crypto, as opposed to centralized currencies, is digital, secure and available for all,” said Winsley Bangit, GCash vice president and group head of new business.

“Inclusivity is a path to maximizing economic growth. The integration of crypto, together with a platform like ours, creates a stronger framework on how our users can grow their wealth,” Bangit added.

GCash launched GCrypto in 2023 amid the rising popularity of cryptocurrency in the Philippines.

The above is the detailed content of GCash launches PayPal's stable coin, allowing Filipinos to trade cryptocurrency protected from price volatility. For more information, please follow other related articles on the PHP Chinese website!