digital payment token provider dtcpay has announced a strategic transition to support only stablecoins across all payment services from January 2025.
The move will phase out support for Bitcoin (BTC) and Ethereum (ETH) by the end of the year, while maintaining support for all other stablecoins and fiat services.
The company highlights the inherent volatility of cryptocurrencies such as Bitcoin and Ethereum as the driving force behind this decision.
By focusing on stablecoins, dtcpay aims to provide businesses and consumers with more secure, predictable and compliant payment solutions.
This transition is also consistent with observed user behavior, as a significant portion of dtcpay’s trading volume already comes from stablecoins, based on one year of transaction data.
In addition to currently supported USDT and USDC, dtcpay plans to gradually support a wider range of stablecoins, including First Digital USD (FDUSD) and Worldwide USD (WUSD).
These stablecoins are pegged to fiat currencies such as the US dollar, providing enhanced trust and security as a volatile and speculative alternative to digital transactions.
This strategic shift reflects growing trends in the digital payments landscape.
A recent report from Chainaracy reveals that stablecoin payments in Singapore Approximately 1 billion USD In the second quarter of 2024.
This surge highlights the growing demand for stability and reliability in digital payments.
dtcpay has a strong track record of innovation and achievements in the fintech space.
In addition to being the only Asia-based company selected for the Mastercard Start Path program and being the first regulated POS to accept cryptocurrencies in Singapore, dtcpay has won numerous awards.
These include the 2022 SFF Global Fintech Award, 2023 Best Cryptocurrency Payments Company by APAC Insider, 2024 PayTech of the Year and Disruptor of the Year at the Asia Fintech Awards, and 2024 PayTech of the Year and Disruptor of the Year at Hoptrail’s Global Anti-Money Laundering (AML) Leaderboard. Includes the 6th place ranking. .
Underscoring its global ambitions, dtcpay is Singapore’s first major payment institution (MPI) to join the Luxembourg Institute for Financial Technology (LHoFT).
The company is also cooperating Singapore’s NETS SGQR+ Initiative Facilitate a unified QR code for seamless stablecoin-to-fiat transactions across Singapore.
By moving to a stablecoin-centric model, dtcpay aims to provide a more reliable, scalable and secure payment experience.
