In This article I will tackle how you can acquire USD Coin (USDC) in the Philippines. You will understand the easiest platforms to access, available payment options, and critical steps to take to avoid complications while making the purchase.
If you are new to Crypto or looking to expand your portfolio, this guide is designed to provide you with the information you need to facilitate your purchase of USDC with ease and confidence.
What Is USD Coin (USDC)?
USDC (USD Coin) Is a stable cryptocurrency designed to retain a 1:1 peg to the US dollar. It is issued by Circle and administered by the Centre Consortium which includes Coinbase. Each USDC token is backed by assets such as cash and short-term U.S.
Treasury bonds, assuring transparency and stability. Unlike other cryptocurrencies, USDC’s value does not fluctuate, making it optimal for savings, trading, remittances, and other DeFi transactions. USDC operates on various blockchains
like Ethereum, Solana, and Polygon, enabling quick and inexpensive transfers. Because of its stablility, compliance with regulations, and wide range of uses, it is preferred by many Filipinos seeking access to international financial resources or wishing to store value in US dollars.
How To Buy USD Coin (USDC) In The Philippines
Step 1: Register
Visit Coins.ph and fill in the register section with your email or mobile number. In alignment with local laws, confirm your identity by presenting a valid government-issued ID.
Step 2: Fund your Account
Now you can use any of the options to add funds to your Coins.ph wallet. These include local bank transfer, GCash, and other payment systems. Coins.ph also supports these.
Step 3: Convert PHP to USDC
Select the crypto tab, look for USDC and click on it. Confirm the amount of PHP you wish to convert and press the USDC button. Make sure to check the exchange rates and fees before finalizing.
Step 4: USDC Withdrawal/Transfer
Your USDC can now be seen on your Coins.ph wallet. From here you can store, transfer to another wallet, or trade.
Is It Legal to Buy USDC in the Philippines?
Absolutely, purchasing USD Coin (USDC) is allowable in The Philippines. USDC is viewed as a cryptocurrency by The Bangko Sentral ng Pilipinas (BSP) and can be transacted using registered Virtual Asset Service Providers (VASPs) within the country. Although USDC cannot be regarded as a legal medium of exchange, it can be utilized within the country under its law.
As a result of security and legal obligation policies, it is safer to carry out transactions on BSP-licensed operators such as PDAX and CoindotPH that comply with Anti Money Laundering (AML) and Counter Terrorism Financing (CTF) policies. Facilitating trade on these exchanges that operate under a government license safeguards the users against fraud and guarantees accountability in dealings.
Best Platforms to Buy USDC in the Philippines
1.Binance
Philippine users have access to Binance, one of the largest global cryptocurrency exchange. Binance is well known for its low trading fees, high liquidity, and advanced trading tools. It has a wide selection of cryptocurrencies, including USD Coin (USDC), along with the ability to deposit PHP through Gcash or bank transfer.
However, it is important to note that Binance is not regulated by the Bangko Sentral ng Pilipinas (BSP), and thus poses a risk to user’s security; caution is advised, and two-factor authentication should always be utilized. Experienced users seeking more than basic features will appreciate Binance.
2.Coinbase
As a cryptocurrency exchange based in the United States, Coinbase is renowned for its exceptional security features as well as its ease of use. Although direct PHP deposits are not accepted in Coinbase, Filipinos can transact using international debit and credit cards or other cryptocurrencies which can be converted to USDC.
The educational resources offered alongside its straightforward layout makes Coinbase the go-to platform for crypto novices. Coinbase is fully licensed within the United States which solidifies its safety thanks to their stringent regulation and supervision of financial institutions.
On the contrary, transaction fees can be higher than other exchanges. Most users in the Philippines access USDC and other stablecoins via Coinbase Wallet, or by transferring crypto from local platforms to their Coinbase accounts.
3.Crypto.com
As a worldwide exchange and financial services app, Crypto.com offers a diverse listing of crypto assets including USDC. The app enables Filipinos to purchase USDC through credit and debit cards, as well as by transferring funds from other services.
In addition, it provides a Visa crypto card, staking, and access to DeFi. Although not licensed by the BSP, Crypto.com does provide solid security features like insurance, two-factor authentication, and other credentials.
Its emphasis on mobile access surpasses that of its competitors, attracting users who obtain more than a bare-bones trading platform. Crypto.com is versatile enough for novice traders as well as those looking to leverage their crypto holdings.
Payment Methods Available
1. GCash
Philippine’s largest e-wallet, GCash, now allows transactions in USDC via its GCrypto platform. Customers can effortlessly purchase, store, and transfer USDC using the GCash application which is accessible to over 100 M users.
2. Debit/Credit Cards
Global companies like Transak, Bitget and MoonPay also accept Visa and Mastercard for buying USDC. Customers can typically expect fast service, with some completing the transaction in 5 minutes.
3. Bank Transfers
Domestic exchanges such as Coins.ph and PDAX accept bank transfers from Philippines’ top banks, BPI, BDO, and UnionBank. Funding the account in Philippine Pesos (PHP) and converting to USDC is a straightforward process, even though bank transfer may take 1 to 24 hours to process.
4. Cash OTC
Coins.ph allows users to purchase USDC directly within the application, using coins which can be deposited directly via their 7-Eleven, Palawan Express and Cebuana Lhuillier partners. Customers who do not have access to digital banking can benefit from this option.
5. Maya (previously PayMaya)
Maya wallet gives users the ability to buy and sell cryptocurrencies, such as USDC, similarly to GCash.
Maya’s integration with Coins.ph makes the process easier, although direct purchases of USDC may have more steps as of now.
Pros And Cons
| Pros | Cons |
|---|---|
| Price Stability – USDC is pegged to the U.S. dollar, minimizing volatility. | Not Legal Tender – USDC is not recognized as official currency in the Philippines. |
| Easy Access – Platforms like Coins.ph, GCash, and Binance make it easy to buy. | Regulatory Risk – Crypto rules in the Philippines can change quickly. |
| Fast Transactions – USDC transfers are quick, especially on blockchain networks. | Network Fees – Depending on the blockchain used (e.g. Ethereum), fees can vary. |
| Useful for Remittances & DeFi – Ideal for global payments or earning yield. | Limited Use in Local Economy – USDC isn’t widely accepted for everyday payments in the Philippines. |
| Low Minimum Investment – You can start with small amounts via apps like GCash or Coins.ph. | Exchange Risks – Using unlicensed platforms may expose users to fraud or technical issues. |
Conclusion
In closing, purchasing USD Coin (USDC) in the Philippines is straightforward, lawful, and can be done on reputable platforms such as Coins.ph, GCash, and Binance.
Due to its multiple payment options, and stable value, USDC serves well for trading, remittances, or saving in dollars. For a positive experience in cryptocurrency, always choose regulated exchanges and protected wallets to secure your assets.
