dtcpay Shifts Focus to Stablecoins, Drops Bitcoin and Ethereum
Great news from Singapore’s dtcpay! They are making a big change by moving away from cryptocurrencies like Bitcoin and Ethereum, and focusing solely on stablecoins for secure payments. By the end of 2024, dtcpay will no longer support Bitcoin and Ethereum, shifting to a stablecoin-only model starting in January 2025.
This decision is driven by the desire to minimize the volatility that comes with cryptocurrencies like Bitcoin and Ethereum. By prioritizing stablecoins, dtcpay is aiming to offer businesses and consumers a more secure, predictable, and regulatory-compliant payment solution. This shift reflects the company’s commitment to providing a reliable payment option in an unpredictable market.
In addition to supporting established stablecoins like USDT and USDC, dtcpay will begin supporting First Digital USD (FDUSD) and Worldwide USD (WUSD) by January 2025. A recent report from Chainalysis showed that stablecoin payments in Singapore reached nearly US$1 billion in Q2 2024, indicating a growing preference for stability and reliability in digital payments.
dtcpay’s move to focus exclusively on stablecoins aligns with the broader trend in the digital finance ecosystem. Other players in the industry are also introducing new stablecoins to promote security and stability in transactions. For example, Paxos recently launched the Global Dollar (USDG) stablecoin in Singapore, backed by major crypto players like Kraken and ensuring 1:1 USD stability.
Overall, the shift towards stablecoins highlights a growing need for stability and reliability in digital payments. dtcpay’s strategic decision to embrace stablecoins exclusively reflects this trend and positions them as a leader in providing secure payment solutions.
