Singapore’s dtcpay will drop Bitcoin and Ethereum in favor of stablecoins in 2025

Singaporean digital payments provider dtcpay has announced that it will only support stablecoins for its payment services by 2025, dropping Bitcoin and Ethereum in the process.

In a recent

Following this transition, the Singaporean payment company will no longer support Bitcoin (BTC) and Ethereum (ETH) payments starting next year. Both BTC and ETH continue to maintain their positions as the two largest cryptocurrencies by market cap.

“This means we will phase out support for Bitcoin and Ethereum by the end of this year, while all other stablecoin and fiat currency services will remain available,” the firm said in a post.

🧵1/ Important Announcement: dtcpay Will Be Supported #stablecoin & Fiat’s #Payments From January 2025

As we wrap up 2024, dtcpay is excited to announce that we will be moving to only supporting stablecoins for all of our Digital Payment Tokens starting January 2025 (#DPT) payment services. pic.twitter.com/lCrWuJdHeZ

— dtcpay (@dtc_pay) December 3, 2024

Additionally, dtcpay plans to provide more stablecoin support to its payment services, including First Digital USD(FDUSD) and Worldwide USD, in addition to the currently supported Tether (USDT) and USD Coin (USDC).

The reason behind dtcpay’s move to a stablecoin-only model is “to provide our customers with a more reliable, scalable and secure payment experience.”

Since stablecoins are pegged to fiat currencies, mostly the US dollar, they have grown in popularity for banks and other payment firms in many parts of the world due to their reliability of value.

The firm’s move into stablecoin payments reflects a broader adoption trend continuing in Singapore. Stablecoin payments in Singapore rose to almost $1 billion in the second quarter of 2024, according to Chainalytics data. Compared to the first quarter of 2024, this value increased by 100% to almost $500 million.

The report also found that 75 percent of payments using Singapore stablecoin XSGD were worth $1 million or less, while about 25 percent of transfers were under $10,000; This indicates an increasing adoption rate for retail activity.

In November 2023, the Monetary Authority of Singapore published a regulatory framework aimed at improving the stability of single currency stablecoins. As previously reported by crypto.news, the regulations will apply to non-bank issuers of single-currency stablecoins pegged to the Singapore dollar or other G10 currencies if their circulation exceeds S$5 million.