Ayala-backed mobile wallet operator GCash has partnered with United States-based financial technology firm Circle to offer USDC, a fully reserved digital dollar, to Filipinos through the GCrypto platform.  

GCash's group head of wealth management Arjun Varma said on Wednesday that the integration of USDC into the platform will help enhance financial inclusion in the country.

“By offering easy access to digital dollars, we empower our users with a stable and globally recognized financial asset,” Varma said.

For Yam Ki Chan, vice president for Asia Pacific at Circle, “expanding access to digital financial tools (will also drive) economic empowerment.” 

“We are excited that GCash is enabling millions of Filipinos to participate in the digital economy with confidence and security.”  

USDC is a fully reserved, regulated digital dollar that leverages blockchain to enable near-real-time, low-cost global transactions. 

It is fully backed by highly liquid cash and cash-equivalent assets, equally pegged for US dollars, with reserves held at regulated financial institutions and subject to third-party monthly attestations for transparency.