Singapore-based digital payment provider dtcpay has announced a significant strategic shift, opting to exclusively support stablecoins while phasing out transactions involving major cryptocurrencies like Bitcoin and Ethereum by the end of 2024. Starting January 2025, dtcpay will focus solely on stablecoin transactions, aiming to provide a more stable and reliable payment solution for businesses and consumers alike.
The company’s decision reflects a growing concern over the volatility associated with traditional cryptocurrencies. In a statement, dtcpay emphasized that this transition is designed to enhance security, predictability, and compliance with regulatory standards. “While cryptocurrencies like Bitcoin and Ethereum have played an important role in the digital finance ecosystem, their volatility creates challenges for businesses and consumers who need stability and reliability in their transactions,” the company noted.
In addition to established stablecoins such as Tether (USDT) and USD Coin (USDC), dtcpay plans to integrate newer options including First Digital USD (FDUSD) and Worldwide USD (WUSD) by early next year. This move aligns with broader trends in the digital payments landscape, where stablecoin usage is surging. A recent report from Chainalysis highlighted that stablecoin payments in Singapore alone reached nearly $1 billion in the second quarter of 2024.
The rise in stablecoin adoption underscores a growing preference among users for payment solutions that minimize risk and enhance transaction reliability. “The surge in stablecoin adoption highlights the growing preference for stability and reliability in digital payments—factors that are driving dtcpay’s strategic decision to focus exclusively on stablecoins,” the company added.
dtcpay has positioned itself as a key player in the Asian digital finance market, being the only Asia-based participant in Mastercard’s Start Path program and the first regulated point-of-sale provider in Singapore to accept cryptocurrencies. This latest pivot marks a notable evolution in its service offerings as it seeks to adapt to changing market dynamics.
In related news, Tether recently minted $5 billion worth of USDT over a five-day period, coinciding with a rally in Bitcoin prices. This influx has propelled Tether’s market capitalization to an all-time high of $125 billion. Additionally, November saw the launch of Paxos’ Global Dollar (USDG) stablecoin in Singapore, backed by major financial institutions such as DBS and prominent crypto exchanges like Kraken.
As dtcpay prepares for its new direction, it aims to leverage the increasing demand for stablecoins while continuing to support a diverse range of fiat currency payment options.
