dtcpay to Drop Bitcoin and Ethereum, Focus Solely on Stablecoins by 2025

Singapore-based digital payment provider dtcpay has announced a significant shift in its operations, revealing plans to exclusively support stablecoins for its payment services starting in January 2025. The transition will phase out support for Bitcoin (BTC) and Ethereum (ETH), despite their status as the two largest cryptocurrencies by market capitalization.

Transition to Stablecoin-Only Payments

In a recent announcement on X, dtcpay confirmed its strategic decision to focus entirely on stablecoins for token payments. The company stated:

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

Currently supporting Tether (USDT) and USD Coin (USDC), dtcpay plans to expand its offerings to include First Digital USD (FDUSD) and Worldwide USD. This shift is aimed at delivering a payment system that is more reliable, scalable, and secure for its customers.

Rising Popularity of Stablecoins

Stablecoins, pegged to fiat currencies like the U.S. dollar, have gained traction globally for their value stability. This appeal has made them a preferred choice for banks and payment firms seeking consistency in transactions.

In Singapore, the adoption of stablecoins is on the rise. Data from Chainalysis highlights a surge in stablecoin payments to nearly $1 billion in the second quarter of 2024, doubling the $500 million recorded in Q1 2024. Interestingly, 75% of these transactions using Singapore’s XSGD stablecoin were valued at $1 million or below, with 25% under $10,000, indicating increased use for retail activities.

Regulatory Framework Supports Growth

The Monetary Authority of Singapore (MAS) has played a pivotal role in fostering a stablecoin-friendly environment. In November 2023, the MAS introduced a regulatory framework to ensure the stability of single-currency stablecoins issued by non-bank entities. The regulations apply to stablecoins linked to the Singapore dollar or other G10 currencies with circulation exceeding S$5 million.

A New Era for dtcpay

dtcpay’s decision reflects a broader trend in Singapore’s crypto ecosystem, emphasizing the reliability and utility of stablecoins over traditional cryptocurrencies like Bitcoin and Ethereum. By transitioning to a stablecoin-only payment model, dtcpay positions itself to cater to the evolving needs of businesses and consumers alike, ensuring smoother and more secure transactions.

This move underscores the growing influence of stablecoins in reshaping digital payments, highlighting their potential to become a cornerstone of modern financial systems.