Coinspeaker Singapore’s dtcpay to End Support for Bitcoin and Ethereum to Focus on Stablecoins by 2025
dtcpay, a leading cryptocurrency payment platform in Asia, has announced a strategic shift in its operations. By the end of 2024, the company will phase out support for Bitcoin BTC $94 700 24h volatility: 2.0% Market cap: $1.87 T Vol. 24h: $88.13 B and Ethereum ETH $3 557 24h volatility: 2.8% Market cap: $427.80 B Vol. 24h: $41.68 B payments to exclusively focus on stablecoins.
Starting January 2025, the firm will prioritize stablecoins, including Tether USD USDT $1.00 24h volatility: 0.1% Market cap: $135.01 B Vol. 24h: $157.11 B , USD Coin USDC $1.00 24h volatility: 0.1% Market cap: $40.02 B Vol. 24h: $10.70 B , First Digital USD FDUSD $1.00 24h volatility: 0.3% Market cap: $1.89 B Vol. 24h: $9.35 B , and Worldwide USD (WUSD). According to the company, these tokens, pegged to fiat currencies like the US dollar, offer the stability that traditional cryptocurrencies often lack.
Transitioning Away from Volatile Assets
Since its launch in October 2019, dtcpay has been a key player in crypto payments, operating under a license from the Monetary Authority of Singapore (MAS). It initially built its reputation by enabling Bitcoin and Ethereum transactions and forging partnerships to develop fiat-to-crypto payment systems.
However, the firm has now decided to pivot away from “volatile cryptocurrencies,” citing their unpredictable price swings. The company believes it can better meet the demands of businesses and consumers seeking reliability in digital transactions with stablecoins compared to other digital assets.
“As we wrap up 2024, dtcpay is excited to announce that, starting January 2025, we will transition to only support stablecoins for all our Digital Payment Token (DPT) payment services. This means we will phase out support for Bitcoin (BTC) and Ethereum (ETH) by the end of this year, all other stablecoin & fiat currency services will continue to remain available,” the company said in a statement.
dtcpay said it decided to go all in on stablecoins due to their global acceptability, regulatory compliance, and stability due to their backing with national reserve assets.
A Strategic Partnership for Seamless Transactions
The company said the business change is a direct response to consumer demand. According to an official announcement on Tuesday, citing a Chainalysis report, crypto payments using stablecoins in Singapore hit nearly $1 billion in the second quarter of 2024, driven by transactions at merchant outlets. The company said the figure highlights the growing preference for stablecoins over other cryptocurrencies like Bitcoin for payments.
To support the upcoming transition, dtcpay has partnered with Singapore’s NETS SGQR+ initiative, an upgraded version of the SGQR system designed to enhance payment interoperability.
According to the announcement, this collaboration will allow dtcpay to integrate stablecoin-to-fiat capabilities into the unified QR code system, enabling merchants across Singapore to accept a wide range of payment options, including local wallets, international schemes like AliPay+ and WeChat, and cross-border payments.
While announcing the new business model, the company also referenced its achievements this year, as 2024 is gradually coming to an end. The company said it ranked as the best Virtual Asset Service Provider (VASP) in Singapore in August 2024. Additionally, dtcpay was named the best multi-currency swap platform for 2024 by PAN Finance.
next
Singapore’s dtcpay to End Support for Bitcoin and Ethereum to Focus on Stablecoins by 2025
