GCash, The Philippines' Largest Financial Super App, Brings PayPal USD to 86M Users

PYUSD launches on GCash, giving millions of users access to fast, safe, and affordable stablecoin payments using the Solana blockchain

Finn Miller

Published: Jul 30, 2024 at 17:30
Edited: Nov 26, 2024 at 13:09

Trusted by more than 86M users, The Phillipines’ favorite financial super app has announced the launch of PayPal USD (PYUSD) on its popular platform.

PYUSD joins industry heavyweights like USDT and USDC on GCash’s in-app feature, GCrypto, enabling users to leverage Solana’s low fees and rapid transactions to trade, transfer, and store PYUSD.

PayPal USD Integration via Solana Fosters “Inclusive, Safe Financial Services For All.”

The Philippines’ most popular financial application, GCash aims to democratize financial inclusion and provide its millions of customers with diversified tools to help them better manage their finances.

Powered by PDAX, GCash’s in-app feature GCrypto opens the door to the blockchain industry. The platform allows users to hold leading digital assets, including top altcoins and NFTs.

As part of its expansion into the Web3 world, GCash has integrated PYUSD into its comprehensive platform via the Solana network. GCash’s inclusion of PYUSD promises to give users greater flexibility and wider stablecoin options, while enjoying Solana’s affordable transactions and rapid processing times.

"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

GCash asserted that they were eager to include Solana integration into the launch of PYUSD on the platform, highlighting the network is currently powering twice as much blockchain traffic as rival networks.

Sheraz Shere, Solana Foundation GM of Payments, remarked that PYUSD’s inclusion in the GCash app marked a key milestone toward financial inclusion in the country.

“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”

- Sheraz Shere, GM of Payments, Solana Foundation.

This sentiment was further reinforced by GCash Vice President Winsley Bangit. Positing that GCash’s bold steps into the Web3 world empowered people all over the country, Bangit contends that financial inclusion is key to spearheading economic growth throughout The Philippines.

“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.”

- GCash Vice President and Group Head of New Businesses Winsley Bangit

PYUSD Continues Meteoric Growth on Solana

GCash’s announcement adds momentum to PYUSD’s impressive growth. Since launching on the Solana ecosystem PYUSD adoption has skyrocketed, with the stablecoin’s circulating supply rising by 235.83% in July alone based on Step Finance data.

PYUSD’s rampant proliferation is largely due to incentivized rewards through Solana’s burgeoning DeFi ecosystem. For example, Kamino Finance, a popular Solana-based lending application, is distributing over 700,000 PYUSD tokens to PYUSD lenders every week.

While PYUSD adoption is surging across the Solana ecosystem, the asset still has a long way to go before threatening the dominance of rivals USDC and USDT. According to Dune Analytics data at press time, PYUSD accounts for 7.97% of Solana stablecoin market share.