Dtcpay, a licensed crypto payment platform in Singapore, announces a groundbreaking shift: by January 2025, it will exclusively support stablecoin for payments, aiming for greater reliability, scalability, and security for its users.
Let’s see all the details in this article.
The Singapore platform Dtcpay bets on stablecoins for payments
The landscape of digital payments is undergoing a significant transformation, and Dtcpay, a crypto payments platform based in Singapore, positions itself as a protagonist of this evolution.
By January 2025, the company has decided to discontinue support for cryptocurrencies like Bitcoin (BTC) and Ether (ETH) to focus exclusively on payments in stablecoin.
A choice that reflects both user preferences and the commitment to greater security and scalability.
On December 3, 2024, Dtcpay officially announced that by the end of next year it will gradually phase out support for BTC and ETH.
The platform will instead focus on stablecoins such as USD Tether (USDT) and USD Coin (USDC), in addition to supporting other emerging stablecoins like First Digital USD (FDUSD) and Worldwide USD (WUSD).
This transition aims to offer customers a more predictable and secure payment experience. Stablecoins, being anchored to fiat currencies like the US dollar, offer value stability and reduce exposure to the typical volatility of cryptocurrencies.
Dtcpay, in its official announcement, stated:
“Our mission is to provide a more reliable, scalable, and secure payment experience for our users.”
Why only stablecoin?
The decision of Dtcpay to abandon BTC and ETH is based on several key factors.
The first concerns user preferences, as a significant portion of the platform’s transaction volume is already tied to the use of stablecoin.
The second is security: stablecoins, thanks to their stable value, are less subject to market fluctuations, reducing risks for merchants and consumers.
The third reason is scalability. The transition to a payment model based exclusively on stablecoin indeed facilitates integration with traditional and decentralized payment systems.
Furthermore, stablecoins like WUSD and FDUSD offer transparency thanks to their 1:1 peg with verifiable fiat reserves, a crucial aspect for earning the trust of users.
Dtcpay has made significant strides to consolidate its position in the digital payments sector. Founded in 2019 with the original name Digital Treasures Center, the company was co-founded by Alice Liu, Band Zhao, and Sam Lin.
In 2022 ha ottenuto una licenza come importante istituto di pagamento dalla banca centrale di Singapore, consolidando la sua presenza nel mercato regolamentato.
The company has formed significant partnerships, including an agreement with the real estate group Singapore Pontiac Land, and has launched a system that integrates fiat and crypto payments for physical and online stores.
Stablecoin in the global context
The decision of Dtcpay reflects a broader trend in the cryptocurrency sector, where stablecoins are gaining ground as the preferred tool for payments and store of value.
At the moment, FDUSD, launched in 2023 and supported by Binance, has reached a market capitalization of 1.9 billion dollars, making it the sixth largest stablecoin by value.
WUSD, developed by the Worldwide Stablecoin Payment Network, also represents an important step forward. This stablecoin is fully collateralized by fiat reserves, ensuring a stable peg to the US dollar and greater transparency for users.
The transition of Dtcpay to a payment model based exclusively on stablecoin offers tangible advantages for merchants and consumers:
- Reduction of volatility: Stablecoins eliminate the uncertainty related to price fluctuations, making payments more predictable.
- Operational efficiency: The possibility of using stablecoin simplifies international transactions, reducing conversion costs and processing times.
- Flexibility in payments: Compatibility with blockchain networks like Ethereum and BNB Chain paves the way for new applications in the sectors of decentralized finance (DeFi) and e-commerce.
According to experts, the adoption of stablecoins could transform the payments industry, reducing dependence on traditional fiat currencies and accelerating financial inclusion worldwide.
