Catenaa, Saturday, April 12, 2025-More than half of cryptocurrency holders in Singapore use their digital assets for everyday transactions, according to a recent report by Straits Times. The study, published on April 8, 2025, revealed that 52% of crypto owners in Singapore have already used cryptocurrencies for payments, while 67% intend to do so in the future. The rise in usage is driven primarily by younger generations, particularly Gen Z and millennials, who hold 40% of the country’s cryptocurrency, with many using it for online shopping, bill payments, and in-store purchases.
The study also highlighted differences in how various age groups use cryptocurrencies. Younger users (under 45) tend to use crypto for shopping and bill payments, while older users (45+) primarily engage in peer-to-peer transfers. Despite the growth in adoption, challenges remain, with 60% of crypto users reporting concerns about the complexity of digital assets and security issues. Additionally, 54% of holders face frustration due to limited merchant acceptance.
Notably, major companies are increasingly integrating crypto payments into their business models. Sony, for example, has partnered with Crypto.com to enable payments with the USDC stablecoin on its online store, marking a significant step in mainstream crypto adoption. The move reflects Singapore’s ongoing efforts to lead in global crypto adoption, despite competition from countries like the UAE and the U.S.
Crypto transactions in Singapore reached nearly $1 billion in Q2 2024, with blockchain analysis firm Chainalysis reporting a surge in payments, reflecting the growing utility of digital currencies.
