GCash, the Philippines’ leading digital money app, announced support for Circle’s USD Coin (USDC). Users in the country can now hold and transact with the stablecoin.

This marks a major step in integrating stablecoins with everyday transactions in the country.

Circle’s USDC Ventures Into the Philippines Market

Local media revealed the integration, noting that GCash users in the Philippines can buy, hold, and send USDC through GCrypto, the app’s cryptocurrency platform. GCash’s Group Head of Wealth Management, Arjun Varma, says this integration presents a game-changer for financial inclusion in the Philippines.

“By offering easy access to digital dollars, we empower our users with a stable and globally recognized financial asset,” local media reported, citing Varma.

Unlike volatile cryptos like Bitcoin (BTC) and Ethereum (ETH), USDC is a stablecoin pegged to the US dollar. This makes it a more reliable digital asset for payments and savings.

The move is expected to help millions of Filipinos bypass traditional banking infrastructure, which is reportedly slow, expensive, and inaccessible to many.

“Philippines payments are absolutely horrible. Some of the worst rails and ramps in the world,” one user remarked.

With USDC reserves held at regulated financial institutions, they undergo regular third-party attestations to ensure transparency. Circle CEO Jeremy Allaire highlighted the scale of this expansion, citing an opportunity for growth in the firm’s stablecoin network.

“The largest and most widely used digital money app in the Philippines, GCash, just announced support for USDC in their mobile wallet. Another ~100m users being brought into Circle’s stablecoin network,” he expressed.

Meanwhile, this move signals Circle’s outward expansion as competition in the stablecoin market intensifies. Major traditional finance institutions, including the Bank of America (BoA), are now eyeing stablecoin adoption.

This poses competition for stablecoin issuers like Tether and Circle as established banks look to enter the space with their stablecoin offerings. As financial giants move in, fintech companies like GCash offer themselves as potential avenues for expansion to stablecoin issuers.

“GCash’s USDC move puts a global digital dollar in 100 million Filipino hands. Stablecoins might just leapfrog banks in places like this,” another user added.

Despite the optimism, transparency remains a significant concern for stablecoin adoption. While the blockchain’s openness is great for security and trust, it is not always ideal for everyday payments.

“Crypto payments failed for one small reason that needs fixing: When sending USDC, let the recipient see the transaction but not your address. Nobody wants to reveal their wallet for a 10 USDC beer payment,” DeFi researcher Ignas said recently.  

While GCash’s USDC integration offers convenience, calls for stablecoin transparency, like revealing wallet addresses for USDC transactions, may deter adoption even for Philippine users.

Still, GCash’s move reflects a broader trend of digital wallets embracing blockchain-based finance.

Tornado Cash (TORN) has recently experienced a sharp rally, rising by 40% over the last 24 hours. This surge was primarily driven by Tornado Cash’s removal from the U.S. Treasury’s Office of Foreign Assets Control (OFAC) sanctions list. 

While the price spike has been significant, the market may be preparing for a decline as it adjusts to the news.

Tornado Cash Skyrockets

Tornado Cash’s recent rally has pushed its Relative Strength Index (RSI) past the 70.0 threshold, indicating that the crypto is currently overbought.

This level is often seen as a sign of market saturation, where the altcoin’s bullish momentum has peaked. Historically, once the RSI crosses the 70.0 mark, a price reversal has typically followed, suggesting that a correction may be imminent. 

The overbought condition of TORN suggests that the bullish sentiment driving the rally is losing steam. As the price continues to consolidate or pull back, the likelihood of a price drop increases, making the current price unsustainable in the short term.

The macro momentum of Tornado Cash points to further challenges. The Chaikin Money Flow (CMF) indicator, which measures the volume-weighted average of accumulation and distribution, is currently stuck in the bearish zone.

It has remained far from the zero line for an extended period, signaling that selling pressure continues to outweigh buying pressure.

Additionally, Tornado Cash has seen its highest outflows since its inception, further dampening the outlook. These outflows suggest that investors are increasingly cashing out, which weakens the token’s long-term recovery potential.

Without significant inflows to counteract the outflows, TORN will have difficulty maintaining or extending its recent gains.

TORN Price Stirred Up A Tornado

Tornado Cash’s price is currently trading at $11.77, up 41% in the last 24 hours. The altcoin also noted an impressive intra-day high increase of 88%. Over the past 12 days, TORN has gained 135%, marking a strong short-term performance.

However, with the token sitting at these elevated levels, it faces substantial downside risk.

Given the overbought condition and bearish macro momentum, TORN is vulnerable to a fall through key support levels at $11.63 and $9.75. A breach of these levels could send the price down to $7.36, extending the correction and potentially erasing recent gains.

On the other hand, if Tornado Cash can sustain its bullish momentum and hold above $11.63, it may rebound. This could pave the way for the price to aim for $15.81.

A successful rally to this level would invalidate the bearish thesis. It would also solidify the recent price gains, signaling the potential for further upside.

Cardano (ADA) has been on a rocky path this month. After posting early gains, the altcoin has now retraced 37%, erasing most of its recent upside. 

While broader market indicators hinted at a bullish outlook, technical patterns suggest that the momentum may not hold.

Cardano Losses Are Likely

Cardano appears to be nearing a Death Cross, a bearish technical signal. This occurs when the 50-day exponential moving average (EMA) slips below the 200-day EMA. Historically, this crossover has often preceded sharp price declines.

If this formation is confirmed, it would be ADA’s first Death Cross in 10 months. It would also officially end the ongoing five-month-long Golden Cross, a bullish pattern that previously supported the asset’s growth.

With momentum fading, investors may see this as a pivot toward further downside pressure.

On-chain data further dampens investor confidence. The MVRV Long/Short Difference — a metric comparing the profitability of long-term holders (LTHs) to short-term holders (STHs) — has been declining steadily.

While still in positive territory, its fall suggests LTHs are seeing their profits shrink.

This metric is now sitting at a four-month low, increasing the risk of profit-taking by LTHs. If these investors begin to sell to preserve gains, it could introduce added selling pressure. The resulting drawdown may undercut any bullish momentum Cardano is attempting to hold onto.

ADA Price Is Consolidated

ADA is currently trading at $0.71, down 37% from its recent high. The decline has broken its macro uptrend, although the altcoin remains just above the $0.70 support level. This floor has acted as a key technical barrier.

However, the looming Death Cross, combined with fading long-term investor confidence, may push Cardano below this support. If $0.70 is breached, ADA could slip to $0.62. This would mark a further extension of the ongoing correction phase, reinforcing the bearish outlook.

On the other hand, if Cardano manages to invalidate the bearish thesis, it must rise above $0.77. This would end the current 11-day consolidation phase.

A successful breakout could propel ADA toward $0.85, reclaiming some of the lost ground and potentially restoring short-term investor confidence.