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Singapore digital payments provider dtcpay announced that it will exclusively support stablecoins for its payment services by 2025, phasing out bitcoin and ethereum in the process.
In a recent <a target="_blank" rel="nofollow" href="https://x.com/dtc_pay/status/1863871088868077586″ target=”_blank”>x publicationdtcpay announced that it will begin strategically shifting its support to accommodate only stablecoins for all of its tokenized payment services, starting in January 2025.
Following this transition, the Singapore payments company will no longer support bitcoin (btc) and ethereum (eth) payments starting next year. Even though both btc and eth continue to maintain their places as the two largest cryptocurrencies by market capitalization.
“This means that we will phase out support for bitcoin and ethereum by the end of this year, all other stablecoin and fiat services will remain available,” the company said in a post.
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Additionally, dtcpay plans to expand support for more stablecoins in its payment services, including First Digital USD (FDUSD) and Worldwide USD, in addition to the currently supported Tether (USDT) and USD Coin (USDC).
The reason behind dtcpay's transition to a stablecoin model is to “provide our customers with a more reliable, scalable and secure payment experience.”
Stablecoins have gained popularity among banks and other payment companies in many parts of the world due to the reliability of their value as they are pegged to fiat currencies, usually the US dollar.
The company's shift toward stablecoin payments reflects a broader adoption trend taking place in Singapore. According to data from <a target="_blank" href="https://www.chainalysis.com/blog/central-southern-asia-crypto-adoption-2024/” target=”_blank” rel=”nofollow”>Chain analysis
The report also revealed that 75% of payments using Singapore's XSGD stablecoin were valued at $1 million or less, and nearly 25% of transfers valued below $10,000, indicating a growing adoption rate for retail activity.
In November 2023, the Monetary Authority of Singapore published a regulatory framework aimed at improving the stability of single currency stablecoins. As previously reported by crypto.news, the regulations apply to non-bank issuers of single currency stablecoins pegged to the Singapore dollar or other G10 currencies, if their circulation exceeds S$5 million.
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