- dtcpay has announced that it will be shifting its payments services to stablecoins only effective 2025.
- The Singapore-based platform will phase out Bitcoin and Ethereum by end of the year.
Singapore-based payment institution dtcpay has made a major announcement effective 2025, Fintech News has reported.
The licensed payment platform has announced breaking ties with digital assets Bitcoin and Ethereum as payment modes. It intends to support only stablecoins and fiat currency payment modes.
The move majors more on stability of stablecoins and fiat currency rather than the volatility nature of crypto. Business operators and consumers are also assured of a more secure payment mode and in line with the country’s regulations.
dtcpay eyes stablecoins in services pivot
In its announcement, dtcpay mentioned that there will be a paradigm shift come January 2025. Announcing its cancellation for accepting BTC and ETH, it intends to accept stablecoins USDT, USDC, Worldwide USD (WUSD) and First Digital USD (FDUSD) among others.
dtcpay’s decision comes amid an increased trajectory that has seen the regulated digital payments provider’s users lean towards stablecoins. The growth is what the company is looking to tap into, with digital payments seen as the new frontier in revolution that’s crypto.
Stablecoins make a huge chunk of this, with a Chainalysis report for Q2, 2024 indicating that the asset-backed tokens accounted for an estimated $1 billion in payments.
dtcpay’s strategic move is a strong indicator of the need for a stable and most reliable way of digital payment. Owing to its long-serving trend and trust, the platform boost of consumer confidence.
The platform’s good record in innovation, progressive growth in the digital world and different accolades has seen it become a darling to businesses.
In October 2024, the payment platform, and the only Asia -based company was picked for the Mastercard Starter Path programme. It also became the first to launch a regulated POS in Singapore enabling business owners to accept crypto payments.
