The introduction of the Paypal Stablecoin underscores GCash’s mission to keep up with trends and enable customers to power up their finances.
PayPal’s stablecoin PayPal USD (PYUSD) is now available in the Philippine market through the local finance app, GCash. Users of the GCash platform will be able to send PYUSD tokens, along with buying, selling, and holding PYUSD tokens inside the app.
PYUSD, issued by Paxos Trust Company, provides holders with fast, secure transactions. 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 via the Solana Network.
“The launch of PYUSD on GCash marks a significant step forward in democratising 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.
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 decentralised public ledgers, making them accessible to everyone.
“Crypto, unlike centralised currencies, is digital, secure, and available for everyone. These factors also made GCash preferable to many Filipinos, making us the largest digital ecosystem in the country. 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.
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