Singapore-licensed cryptocurrency payment platform Dtcpay has announced plans to phase out support for cryptocurrencies like Bitcoin in favor of stablecoin-only transactions.
Dtcpay took to X on Dec. 3 to officially announce that its platform will phase out support for Bitcoin (BTC) and Ether (ETH) payments by the end of 2024.
Instead, Dtcpay will transition to only support stablecoins like Tether’s USDt (USDT) and Circle’s USD Coin (USDC) for all its digital payment token (DPT) services, it said.
According to the announcement, Dtcpay plans to transition to a stablecoin-only model by January 2025.
Dtcpay will also support FDUSD and WUSD stablecoins
In addition to USDT and USDC, Dtcpay will offer support for First Digital’s reserve-backed stablecoin, First Digital USD (FDUSD), and Worldwide Stablecoin Payment Network’s (WSPN) Worldwide USD (WUSD) stablecoin.
Launched in June 2023, FDUSD operates on Ethereum and Binance-backed BNB Chain. The FDUSD stablecoin has a $1.9 billion market capitalization at the time of writing, according to CoinGecko data, ranking the sixth largest stablecoin by market value.
Dtcpay will exclusively support stablecoins like USDT, USDC, FDUSD and WUSD starting in January 2025. Source: Dtcpay
Built by WSPN, Worldwide USD is a fiat-collateralized stablecoin pegged to the US dollar at a 1:1 ratio. According to the WSPN’s white paper, the total number of WUSD tokens in circulation is always fully backed by an equal amount of fiat currency held in reserve.
Dtcpay targets a “more reliable, scalable and secure payment experience”
Dtcpay’s decision to exclusively support stablecoin payments aligns with the company’s mission to provide its customers with a “more reliable, scalable and secure payment experience,” the firm said in the announcement.
This transition also aligns with reported user preferences, as a significant portion of Dtcpay’s transaction volume already comes from stablecoins based on annual transaction data.
Formerly known as Digital Treasures Center, Dtcpay was co-founded in 2019 by Alice Liu, Band Zhao and Sam Lin. The company has inked some big partners and adopters, including Singapore’s major property group, Pontiac Land, owned by billionaire Kwee Liong Tek.
Dtcpay co-founder Alice Liu, CEO Kanny Lee (right) and Pontiac Land chairman Kwee Liong Tek (middle). Source: Forbes
In 2022, Dtcpay secured a major payment institution license from Singapore’s central bank to offer DPT services. This license followed in-principle approval by the Monetary Authority of Singapore (MAS), which allowed the firm to run using an exemption under the Payment Services Act.
Following the approvals, Dtcpay launched a payment system supporting fiat and cryptocurrencies like Bitcoin and Tether for in-store and online payments in November 2023.
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