PayPal’s Cryptocurrency PYUSD Now Available in the Philippine Market
American fintech firm PayPal’s cryptocurrency PayPal USD (PYUSD) has recently made its entrance into the Philippine market through the digital wallet and finance app GCash, supported by Globe.
GCash announced on Tuesday that PYUSD can now be utilized by GCrypto users within the app to trade and hold PYUSD tokens. GCrypto is a feature within the GCash app powered by PDAX.
Benefits of PYUSD
PYUSD, issued by Paxos Trust Company, offers users the advantages of quick and secure transactions, as well as reduced price fluctuations commonly seen with other digital assets, as per the digital wallet’s statement.
PayPal’s stablecoin operates on various blockchains, including the Solana blockchain, currently experiencing over double the blockchain traffic compared to other leading networks. This enables users to have more options and flexibility with stablecoins, along with faster and cheaper transactions utilizing the Solana Network, according to GCash.
Expanding the Use of Cryptocurrency
Kenneth Chua, PDAX’s chief business development officer, highlighted the joint effort to introduce cryptocurrency usability in daily Filipino life. Whether it’s for remittances or purchases, this initiative aims to encourage users to adopt digital assets as a secure and practical solution.
GCash’s vice president and group head of new businesses, Winsley Bangit, emphasized the digital, secure, and inclusive nature of crypto, pointing out that these qualities have made GCash a popular choice among Filipinos. The aim is to empower individuals through digital finance, promoting economic growth and financial inclusion for everyone.
Source : www.gmanetwork.com