Dtcpay, a cryptocurrency payment platform in Singapore, will switch to supporting only stablecoins starting in January 2025. With this move, the firm intends to stop accepting Bitcoin (BTC) and Ethereum (ETH) for payments.
According to the report, the firm said the aim of this change offer a more stable, secure, and reliable payment system.
Dtcpay, founded in 2019, is one of the key players in fintech, earning support from major industries like Singapore’s Pontiac Land. The company received a payment license from Singapore’s central bank in 2022.
Dtcpay’s shift to stablecoins
The shift also comes amid the growing demand for stable, secure, and regulated payment options. Cryptocurrencies like Bitcoin and Ethereum can have big price changes, which create risks for businesses and users.
Stablecoins, which are tied to traditional currencies like the U.S. dollar, offer a more predictable and stable alternative for digital transactions. Dtcpay believes this move will make payments safer and easier for everyone.
Dtcpay’s decision is part of a larger trend in the fintech industry. A report from Chainalysis shows that stablecoin payments in Singapore reached nearly $1 billion in the second quarter of 2024.
Dtcpay will only support certain stablecoins like Tether’s USDt (USDT), Circle’s USD Coin (USDC), First Digital USD (FDUSD), and Worldwide USD (WUSD). These stablecoins are backed by real reserves to keep them at a 1:1 value with the U.S. dollar.
FDUSD, launched in June 2023, is now the sixth-largest stablecoin with a market value of $1.9 billion. WUSD, backed by the Worldwide Stablecoin Payment Network, is known for its added security since it is fully backed by reserves.
The Singapore firm noted that the new stablecoin-only model aligns with its mission to deliver a “more reliable, scalable, and secure payment experience” for its clients. The platform’s commitment to stability is important in the financial ecosystem.
A large part of their transactions is already done with stablecoins. This change also aligns with growing regulations in places like Singapore, where the government is setting clear rules for digital assets. Dtcpay is ready to these changes to stay compliant and meet demand.
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