The introduction of PayPal’s stablecoin, PayPal USD (PYUSD), to the Philippines has been officially announced by GCash. Users and freelancers using PayPal can now send PYUSD tokens to GCrypto on GCash with low transaction fees.
Stablecoins differentiate themselves from volatile cryptocurrencies by maintaining a relatively fixed value through being pegged to fiat currencies like the US dollar or stable assets such as gold.
With this new feature, GCrypto users will now be able to conduct transactions involving PYUSD tokens seamlessly within the GCash app, eliminating the need to utilize the PayPal platform.
- Countries where you can use GCash
- GCash and 7/11: How to cash-in, fees, FAQs
- Can stores charge a convenience fee when paying using GCash?
Take note that the new feature is only available to GCash account holders who are over 18 years old and have completed the full verification process.
Powered by the Philippine Digital Asset Exchange (PDAX), GCash’s GCrypto was launched last year to enable Filipinos to buy and sell cryptocurrencies like Ethereum, Bitcoin, Ripple, and others.