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PayPal’s stablecoin PayPal USD (PYUSD) is now available in the Philippine market through GCash, the country’s leading finance super app. This allows users and freelancers to easily send PYUSD tokens at low transaction fees to GCrypto, the in-app feature of GCash powered by PDAX. GCrypto users will also be able to buy, sell, and hold PYUSD tokens inside the GCash app.
PYUSD, issued by Paxos Trust Company, provides holders the benefits of fast and secure transactions, while minimizing price volatility commonly associated with other digital assets. The stablecoin employs multiple blockchains, including the Solana blockchain, which is currently powering more than double the blockchain traffic compared to the next leading blockchain network. This gives users more flexibility and choices with stablecoins, while providing faster and cheaper transactions utilizing the Solana Network.
“The launch of PYUSD on GCash marks a significant step forward in democratizing access to financial services, providing millions of users in the Philippines with seamless and affordable access to stablecoin technology, said Sheraz Shere, GM of Payments, Solana Foundation.”
"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 uses to embrace digital assets as a secure and practical solution, said Kenneth Chua, chief business development officer of PDAX"
Cryptocurrencies have surged in popularity due to their secure, blockchain-based technology, ensuring reliable and swift transactions. Each unique, counterfeit-proof token provides multiple layers of security. Beyond their reliability, cryptocurrencies offer inclusivity through decentralized public ledgers, making them accessible to everyone.
“Crypto, unlike centralized currencies, is digital, secure, and available for everyone. These factors are also what made GCash preferable to many Filipinos, making us the largest digital ecosystem in the country. We at GCash believe that it is through digital finance that we can empower not just the unbanked and the underbank, but everyone, and we mean everyone. Inclusivity is the way to maximize economic growth. The transcendence of crypto, partnered with a platform like ours, creates a more solid structure on how our users can grow their wealth.” said GCash vice president and group head of new businesses Winsley Bangit.
With the continued expansion of the digital landscape, this announcement also underscores GCash’s mission to keep up with the trends and customers’ preferences, enabling them to power up their finances for better lives, fostering inclusive, safe, financial services for all.
To enjoy a swift and secure crypto buying and remittance experience, users must be at least 18 years old with a fully verified GCash account. Customers must also update 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.
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