Stablecoin Payment Turnover in Singapore Exceeds $1 Billion in Quarter
Singapore has seen a record high in total payments using stablecoins.
This figure has exceeded $1 billion (according to Chainalysis).
Singapore residents use stablecoins to pay for goods and services. The popularity of stablecoins is growing, as they can be used to transfer funds to anywhere in the world.
For comparison, in Q2 2023, stablecoin payments amounted to only $123 million.
Payments by bank cards in Singapore also remain a key instrument. In the past quarter, card turnover amounted to $56.2 billion.
Singapore authorities actively support the crypto business and create all the necessary conditions for its development.
