Singapore-Based dtcpay Shifts Focus to Exclusive Support for Stablecoins

Transition to Stablecoins

dtcpay, a digital payment token provider based in Singapore, is making a strategic shift towards focusing solely on stablecoins. By the end of 2024, the company will phase out support for cryptocurrencies like Bitcoin and Ethereum, opting to support only stablecoins for all digital payment services starting January 2025.

Reasoning Behind the Decision

This decision comes as dtcpay aims to minimize the volatility typically associated with cryptocurrencies such as Bitcoin and Ethereum. Emphasizing the importance of stability and predictability in transactions, the firm seeks to offer businesses and consumers a more secure and regulatory-compliant payment solution.

Supported Stablecoin Options

dtcpay will continue to support various stablecoin and fiat currency payment options. In addition to USDT and USDC, the company plans to start supporting First Digital USD (FDUSD) and Worldwide USD (WUSD) by January 2025.

Growing Preference for Stablecoins

A recent report by Chainalysis revealed that stablecoin payments in Singapore amounted to nearly US$1 billion in Q2 2024, indicating a rising preference for stability and reliability in digital payments. This trend aligns with dtcpay’s strategic decision to focus exclusively on stablecoins.

Industry Developments

In recent news, Tether, a leading stablecoin issuer, minted $5 billion worth of USDT amidst a surge in Bitcoin. This influx of USDT liquidity has propelled Tether’s market capitalization to a record $125 billion. Additionally, Paxos introduced the Global Dollar (USDG) stablecoin in Singapore, backed by DBS and major crypto players like Kraken, further enhancing the stablecoin ecosystem.