As a seasoned analyst with years of experience in the dynamic world of digital currencies, I find dtcpay’s decision to transition exclusively to stablecoins for their payment services by 2025 an intriguing move. Given my extensive research and understanding of the market trends, I believe this strategic shift is a response to the growing popularity and reliability of stablecoins among banks and other payment firms globally.
The Singapore-based digital payments company, dtcpay, has declared that they will only work with stablecoins for their payment solutions starting from 2025, thus discontinuing their support for Bitcoin and Ethereum.
In their latest update, dtcpay has declared that as of January 2025, they plan to gradually focus their support exclusively on stablecoins for all their token-based payment services.
Starting from next year, the Singapore-based payment company is planning to discontinue processing transactions related to Bitcoin (BTC) and Ethereum (ETH). However, it’s important to note that both Bitcoin and Ethereum continue to hold their positions as the top two cryptocurrencies in terms of market capitalization.
The company stated in a recent announcement that they plan to stop providing support for Bitcoin and Ethereum by the year’s end. However, their other services involving stablecoins and fiat currencies will carry on being accessible.
🎉 Exciting News: dtcpay Shifts to Stablecoin and Fiat Payments Starting January 2025!
— dtcpay (@dtc_pay) December 3, 2024
Furthermore, dtcpay intends to expand its payment services to accommodate additional stablecoins, such as First Digital USD (FDUSD) and Worldwide USD, along with existing options like Tether (USDT) and USD Coin (USDC).
dtcpay’s shift towards a model that only supports stablecoins aims to offer our clients a more dependable, expandable, and secure payment solution.
Stablecoins have grown in popularity for banks and other payment firms in many parts around the world due to their value reliability, as it is pegged to fiat currencies, most often the U.S dollar.
The company’s move towards accepting stablecoin payments mirrors a broader trend of adoption that is currently prevalent in Singapore. As per Chainalysis data, stablecoin transactions in Singapore reached almost $1 billion USD during the second quarter of 2024. This figure represents a 100% increase compared to the first quarter of 2024, where it was nearly at $500 million.
The report also revealed that 75% of payments that use Singaporean stablecoin XSGD were valued at $1 million or below, with nearly 25% of transfers valued below $10,000, which indicates a growing adoption rate for retail activity.
In November 2023, Singapore’s Monetary Authority unveiled a regulatory structure designed to bolster the reliability of single-currency stablecoins. According to past reports from crypto.news, these regulations are applicable to entities outside the banking sector that issue single-currency stablecoins tied to the Singapore dollar or other major currencies (G10), provided their circulation surpasses S$5 million.
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2024-12-03 17:15