PayPal’s cryptocurrency, PayPal USD (PYUSD), has made its debut in the Philippine market through GCash, the popular digital wallet and finance app backed by Globe.

GCash announced on Tuesday that its users can now buy, sell, or hold PYUSD tokens through GCrypto, an in-app feature powered by PDAX.

PYUSD, issued by Paxos Trust Company, promises fast and secure transactions. Unlike other digital assets, it aims to minimize price volatility, offering a more stable option for users.

Multiple Blockchain Support

PYUSD employs multiple blockchains, including the Solana blockchain. Solana is currently handling more than double the blockchain traffic compared to its nearest competitor, providing faster and cheaper transactions.

This integration offers users more flexibility and choices with stablecoins. The Solana Network ensures quicker and more cost-effective transactions.

Opportunities for Everyday Use

Kenneth Chua, Chief Business Development Officer of PDAX, emphasized that this collaboration creates opportunities for Filipinos to use cryptocurrency in daily activities like sending remittances or making purchases.

Winsley Bangit, GCash Vice President and Group Head of New Businesses, highlighted that digital finance can empower not just the unbanked and underbanked but everyone. He believes that the partnership with PYUSD will help users grow their wealth through a more inclusive digital ecosystem.

With the introduction of PYUSD through GCash, Filipinos now have a secure and practical digital asset solution for their financial needs, promising greater inclusivity and economic growth.