Singapore’s dtcpay to End Support for Bitcoin and Ethereum to Focus on Stablecoins by 2025

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As a seasoned analyst with over two decades of experience in the finance industry, I’ve witnessed the rise and fall of numerous financial trends. The announcement by dtcpay to shift its operations exclusively towards stablecoins is a bold move that I find intriguing.

dtcpay, a prominent digital currency payment service in Asia, has revealed plans for a major operational change. By the end of 2024, the company intends to discontinue Bitcoin and Ethereum transactions, instead concentrating solely on stablecoins.

Effective January 2025, the company plans to focus predominantly on stablecoins such as Tether USD (USDT), USD Coin (USDC), First Digital USD (FDUSD), and Worldwide USD (WUSD). These tokens, which are pegged to traditional currencies like the US dollar, provide the stability that is usually absent in conventional cryptocurrencies. Here’s a brief overview of each:

Transitioning Away from Volatile Assets

From October 2019 onwards, dtcpay has been a significant figure in the world of crypto payments, holding a license from the Monetary Authority of Singapore (MAS). It first gained recognition by facilitating Bitcoin and Ethereum transactions and by establishing alliances to create fiat-to-crypto payment networks.

Instead, the company is choosing to shift its focus from “highly fluctuating cryptocurrencies.” They argue that they can more effectively cater to the needs of businesses and individuals who value stability in digital transactions by embracing stablecoins rather than other unpredictable digital assets.

2024 comes to an end, dtcpay is thrilled to share that from January 2025 onwards, we will exclusively offer support for stablecoins across our entire Digital Payment Token (DPT) transaction services. This change implies that by the end of this year, we will no longer provide support for Bitcoin (BTC) and Ethereum (ETH). However, all other stablecoin and fiat currency services will still be accessible.

As an analyst, I find myself fully committed to the widespread use of stablecoins for several reasons. Their universal acceptance, coupled with regulatory compliance, makes them an appealing choice. Moreover, the stability derived from being backed by national reserve assets further solidifies my decision.

A Strategic Partnership for Seamless Transactions

As stated in a recent announcement, the surge in crypto payments using stablecoins in Singapore reached almost $1 billion during the second quarter of 2024, primarily due to transactions at retail outlets. The company emphasized that this significant figure underscores the increasing trend among consumers to prefer stablecoins over other digital currencies like Bitcoin for payment purposes.

For a seamless transition, dtcpay is collaborating with Singapore’s advanced SGQR+ initiative by NETS, which is an upgrade of the existing SGQR system. This partnership aims to improve cross-platform compatibility in payment transactions.

As per the announcement, this partnership will enable dtcpay to incorporate stablecoin-to-fiat functionalities into a unified QR code platform. This means merchants in Singapore can now accept various payment methods such as local wallets, international systems like AliPay+ and WeChat, and cross-border transactions.

When unveiling its fresh business strategy, the company highlighted its accomplishments so far this year, since we’re nearing the close of 2024. The company proudly stated that it earned the title of top Virtual Asset Service Provider (VASP) in Singapore back in August 2024. Furthermore, dtcpay was awarded “Best Multi-Currency Swap Platform 2024” by PAN Finance.

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2024-12-03 18:07