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

Shift to Stablecoin-Only Model

In a recent announcement, dtcpay revealed its plan to strategically shift its support to only accommodate stablecoins for all of its token payments services, starting January 2025. This decision means that the firm will no longer support payments for Bitcoin and Ethereum, despite both maintaining their positions as the two largest cryptocurrencies by market capitalization.

“This means we will phase out support for Bitcoin and Ethereum by the end of this year, all other stablecoin & fiat currency services will continue to remain available.”

Expanded Stablecoin Support

dtcpay plans to extend support to more stablecoins, including First Digital USD and Worldwide USD, in addition to the currently supported Tether (USDT) and USD Coin (USDC). The reason behind this transition is to “provide our customers with a more reliable, scalable, & secure payment experience.”

Growing Adoption of Stablecoins

Stablecoins have gained popularity among banks and payment firms worldwide due to their value reliability, as they are pegged to fiat currencies, often the US dollar. The firm’s shift to stablecoin payments reflects a wider adoption trend in Singapore, where stablecoin payments surged to almost $1 billion USD in the second quarter of 2024, a 100% increase from the first quarter.

Regulatory Framework

In November 2023, the Monetary Authority of Singapore released a regulatory framework aimed at enhancing the stability of single-currency stablecoins. The regulations apply to non-bank issuers of single-currency stablecoins linked to the Singapore dollar or other G10 currencies, if their circulation exceeds S$5 million.

Tips for Investors and Users

As the adoption of stablecoins continues to grow, here are some key takeaways for investors and users:

  • Stablecoins offer a more reliable and secure payment experience due to their value stability.
  • The growing adoption of stablecoins in Singapore reflects a wider trend in the cryptocurrency market.
  • Regulatory frameworks, such as the one introduced by the Monetary Authority of Singapore, can enhance the stability of stablecoins.

Stay up-to-date with the latest news and trends in the cryptocurrency market on Global Crypto News.

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