Digital payment token provider dtcpay has announced a strategic shift to exclusively support stablecoins for all its payment services starting in January 2025.
This move will see the phasing out of support for Bitcoin (BTC) and Ethereum (ETH) by the end of the year, while maintaining support for all other stablecoin and fiat currency services.
The company emphasises the inherent volatility of cryptocurrencies like Bitcoin and Ethereum as a driving force behind this decision.
By focusing on stablecoins, dtcpay aims to provide a more secure, predictable, and regulatory-compliant payment solution for businesses and consumers.
This transition also aligns with observed user behavior, as a significant portion of dtcpay’s transaction volume already comes from stablecoins, based on one year of transaction data.
dtcpay plans to progressively support a wider range of stablecoins, including First Digital USD (FDUSD) and Worldwide USD (WUSD), in addition to the currently supported USDT and USDC.
These stablecoins are pegged to fiat currencies like the U.S. dollar, offering enhanced trust and security as a less volatile and speculative alternative for digital transactions.
This strategic shift reflects a growing trend in the digital payments landscape.
A recent report from Chainalysis, revealed that stablecoin payments in Singapore reached almost US$1 billion in the second quarter of 2024.
This surge highlights the increasing demand for stability and reliability in digital payments.
dtcpay has a strong track record of innovation and achievement in the fintech sector.
In addition to being the only Asia-based company selected for the Mastercard Start Path programme and the first regulated POS in Singapore to accept cryptocurrencies, dtcpay has garnered numerous accolades.
These include the 2022 SFF Global Fintech Award, 2023 Best Cryptocurrency Payment Company by APAC Insider, 2024 PayTech of the Year and Disruptor of the Year at the Asia Fintech Awards, and a 6th place ranking on Hoptrail’s Global Anti-Money Laundering (AML) Leaderboard.
Underscoring its global ambitions, dtcpay is the first Major Payment Institution (MPI) in Singapore to join the Luxembourg House of Financial Technology (LHoFT).
The company is also collaborating with Singapore’s NETS SGQR+ initiative to facilitate unified QR codes for seamless stablecoin-to-fiat transactions across Singapore.
By transitioning to a stablecoin-focused model, dtcpay aims to deliver a more reliable, scalable, and secure payment experience.
