GCASH, a leading digital money application in the Philippines, has announced its support for the US dollar currency of the dollar (USDC). Users in the country can now keep and deal with Stablecoin.
This is a big step in integrating Stablecoins with daily transactions in the country.
Circle’s USDC Projects in the Philippine Market
Local media has revealed integration, noting that GCash users in the Philippines can buy USDC, send it, and send USDC via GRYPTO, the platform of the encrypted currency of the application. This integration is a change in the game for financial listing in the Philippines.
“By providing easy access to digital dollars, we enable our users of stable and recognized financial assets,” local media I mentionedQuoted from Pharma.
Unlike volatile encryption like Bitcoin (BTC) and ETHEREUM (ETH), USDC is a stablecoin associated with US dollar. This makes it more reliable digital assets for payments and savings.
This step is expected to help millions of Filipinos to overcome traditional banking infrastructure, which is said to be slow and costly, and cannot be accessed for many.
“The Philippine payments are very shiny. Some of the worst bars and slopes in the world,” one of the users Note.
With USDC reserves held in organized financial institutions, they are subject to regular witnesses to ensure transparency. Circle Jeremy ALLAIRE CEO has highlighted the scale of this expansion, pointing to an opportunity to grow in the company’s Stablecoin network.
“The largest and most used digital application in the Philippines, GCASH, has just announced USDC support in the mobile phone portfolio. Express.
Meanwhile, this step indicates the external expansion of Serky while intensifying competition in the Stablecoin market. The main traditional financial institutions, including Bank of America (BOA), is looking to adopt Stablecoin.
This introduces competition for Stablecoin Exporters such as Tether and Circle, where the existing banks are looking to enter the space with their Stablecoin offers. With the transfer of financial giants, Fintech companies like GCash presents themselves as possible ways to expand Stablecoin.
“USDC moves from GCash puts the global digital dollar in 100 million Filipino hands. Add.
Despite optimism, transparency is still a great concern for Stablecoin’s adoption. Although Blockchain’s openness is great for security and confidence, it is not always perfect for daily payments.
“The encryption payments failed for one simple reason that needs to be repaired: When sending USDC, let the recipient see the treatment but not your address. No one wants to reveal his wallet to pay beer 10 USDC,” He said newly.
Although the USDC integration of GCASH provides comfort, the calls of transparency, such as the detection of USDC wallet addresses, may deter adoption even for Philippine users.
However, the GCASH step reflects a wider direction of the digital portfolio that adopts Blockchain.
Disintegration
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