Metro Department Store Launches Stablecoin Payments in Singapore

Metro, a well-known publicly listed department store chain in Singapore, has taken a bold step into the world of cryptocurrency by enabling stablecoin payments for its customers. In partnership with Dtcpay, a Singapore-licensed crypto payment platform, Metro has integrated stablecoin payment options for both in-store and online purchases.

This new initiative allows Metro customers to make payments using popular stablecoins like Tether’s USDt, Circle’s USD Coin (USDC), FD121’s First Digital USD (FDUSD), and the Worldwide USD (WUSD) stablecoin. According to Dtcpay's commercial director, Andy Sze Toh, this integration enables a seamless and secure payment process, eliminating the concerns related to the volatility often associated with other digital assets.

"Now, Metro customers can enjoy seamless, secure payments without the concerns of price fluctuations that come with using more volatile digital assets,” Toh said in a statement.

Metro customers will be able to use these stablecoins at two Metro store locations in Singapore: Metro Paragon and Metro Woodlands. This marks a significant move for Metro, which has been a leading department store brand in Asia since its founding in 1957. Metro operates in several key markets, including China and Indonesia, and has always been focused on staying at the forefront of innovation.

Metro’s Chief Operating Officer, Erwin Wuysang-Oei, emphasized the company’s commitment to offering unique and forward-thinking experiences for its customers. "By integrating stablecoin payments, we’re not just embracing the future — we’re shaping it," said Wuysang-Oei, calling the integration a “transformative moment” for Metro.

The move comes as the popularity of crypto payments continues to rise in Singapore. According to data from Chainalysis, crypto payments in the country reached nearly $1 billion in Q2 2024, highlighting the growing adoption of digital currencies among the population. This increase in crypto adoption aligns with Metro’s push to offer more diverse and innovative payment solutions for its customers.

Dtcpay, the crypto payment provider, recently announced its decision to focus exclusively on stablecoin payments and phase out support for cryptocurrencies like Bitcoin and Ethereum by December 2025. The company stated that this shift is part of its mission to provide a more reliable, scalable, and secure payment experience for its clients.

While stablecoin payments are available in-store at Metro Singapore, the feature has not yet been introduced on the Metro website. According to Metro’s payment FAQ, the company currently only accepts credit card payments online. It remains to be seen when the stablecoin option will be made available for e-commerce transactions.

The partnership between Metro and Dtcpay signals a significant shift in the retail landscape, with stablecoin payments potentially becoming a key player in the future of digital transactions.