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Singapore-based digital payment token provider, dtcpay, is shifting its focus to exclusively stablecoins.
Phasing out support for cryptocurrencies including Bitcoin and Ethereum by the end of 2024, dtcpay will only support stablecoins for all of its digital payment services from January 2025.
The firm will continue supporting all other stablecoin and fiat currency payment options. Its decision reflects its emphasis on minimizing the volatility associated with cryptocurrencies such as Bitcoin and Ethereum.
By focusing on stablecoins, dtcpay aims to offer businesses and consumers a more secure, predictable, and regulatory-compliant payment solution.
"This transition to a pure stablecoins model reflects our commitment to offering a secure, predictable, and regulatory-compliant payment solution," dtcpay explained.
"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."
As well as USDT and USDC, dtcpay will start to support First Digital USD (FDUSD) and Worldwide USD (WUSD) by January 2025.
A recent report from Chainalysis highlighted that stablecoin payments in Singapore alone reached nearly US$1 billion in Q2 2024.
"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," dtcpay added.
dtcpay is the only Asia-based participant in the Mastercard Start Path program and is the first regulated POS provider in Singapore to accept cryptocurrencies.
Last month, Tether, the dominant stablecoin issuer, minted $5 billion worth of its USDT stablecoin over the past five days, coinciding with a sharp rally in Bitcoin.
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This fresh supply of USDT, a critical driver of liquidity within the cryptocurrency markets, has pushed Tether’s market capitalization to a record $125 billion.
November also saw the launch of Paxos' Global Dollar (USDG) stablecoin in Singapore, backed by DBS and major crypto players like Kraken. USDG ensures security, 1:1 USD stability, and rewards network participants for activity, promoting ecosystem growth.
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