Catenaa, Thursday, December 05, 2024-Cryptocurrency payment provider DTCpay announced it will phase out Bitcoin (BTC) and Ethereum (ETH) transactions by the end of 2024, transitioning exclusively to stablecoins starting January 2025.
The shift comes as DTCpay prioritizes stablecoins like USDT, USDC, FDUSD, and WUSD, citing their price stability compared to Bitcoin and Ethereum. This stability aligns with the needs of retail and institutional users seeking consistent digital payment options, according to the company.
“Stablecoins ensure reliability for everyday transactions and align with our vision of scalable, interoperable payment systems,” DTCpay said in a statement.
Stablecoin adoption in Singapore has surged, with transaction volumes doubling to $1 billion in Q2 2024, according to a Chainalysis report. The Monetary Authority of Singapore (MAS) has bolstered this trend by implementing frameworks to enhance the stability of single-currency stablecoins pegged to G10 currencies, including the Singapore dollar.
DTCpay’s decision follows its 2022 acquisition of a payment institution license from MAS and partnerships with prominent businesses like Pontiac Land. The company will also integrate FDUSD on Ethereum and Binance-backed BNB Chain, along with WUSD, to expand its offerings.
Globally, stablecoin adoption is accelerating, particularly in Asia, Europe, and the Middle East, where their role in banking and financial transactions continues to grow.
This transition underscores the broader shift toward stablecoins in the digital payment ecosystem, positioning them as a practical solution for everyday use.
