dtcpay To Phase Out Bitcoin, Ethereum, Shift Focus To Stablecoins By 2025

A Singapore-based cryptocurrency payment platform dtcpay has recently announced that it has implemented changes to its operation. Starting January 2025, the firm will stop supporting Bitcoin (BTC) and Ethereum (ETH) for payments and will focus solely on stablecoins.

This move is a positive shift in the dynamics of the digital payments industry as the company aims to meet the need for secure, efficient, and sustainable transactions.

Why dtcpay is Shifting to Stablecoins from Bitcoin and Ethereum

The reason behind their decision to exclude Bitcoin and Ethereum was due to the high level of fluctuation in their prices, which is not suitable for daily use.

Cryptocurrencies are also known to fluctuate in price, which makes it difficult for firms and consumers to use them as stable means of payment.

dtcpay notices that a good number of transaction volume comes from stablecoins.

According to the platform user transactions of the past year, customers have displayed a propensity for holding stablecoins as they are considered secure and reliable compared to other more volatile cryptocurrencies.

Therefore, by shifting away from BTC and ETH, dtcpay intends to cater to users’ needs and come up with a more realistic form of payment.

Expanding Stablecoin Offerings

Following the company’s new direction focusing on stablecoins, dtcpay intends to broaden the list of stablecoins it supports.

As of now, it only supports large-cap stablecoins such as Tether (USDT) and USD Coin (USDC).

By January next year, it will progressively add new options, including First Digital USD (FDUSD) and Worldwide USD (WUSD).

These stablecoins are pegged to fiat currencies including, the US dollar, and hence provide a relatively low-risk means of exchange.

It also stressed that it will retain support for fiat currencies, allowing users to seamlessly integrate with stablecoins and financial systems.

By retaining such flexibility, dtcpay is creating bridges between the traditional financial sector and the rapidly expanding cryptocurrencies.

The Future of Digital Payments

dtcpay’s shift to stablecoins comes at a time when demand for stability in digital payments is surging.

According to data from Chainalysis done in 2024, Singapore is among the markets where payments through stablecoins escalated to almost $1 billion in the second quarter.

Unlike volatile cryptocurrencies, stablecoins provide the consistency businesses need for everyday transactions, making them a preferred choice for cross-border payments and remittances.

By adopting a stablecoin-only model, dtcpay is not just responding to market demand but also setting the stage for the future of global digital payments.

Stablecoins are increasingly recognized for their scalability, reliability, and ability to integrate with existing financial systems.

dtcpay Adopts Regulation and Security

As a licensed payment institution in Singapore, dtcpay’s decision shows its dedication to following regulations and ensuring security.

The company has built a reputation for innovation while adhering to strict regulatory standards.

It was the first regulated point-of-sale (POS) platform in Singapore to accept cryptocurrencies and has received several accolades for its contributions to the fintech space.

dtcpay’s achievements include the 2022 SFF Global Fintech Award, the 2023 Best Cryptocurrency Payment Company by APAC Insider, and the 2024 PayTech of the Year at the Asia Fintech Awards.

Its participation in Singapore’s NETS SGQR+ initiative to facilitate unified QR codes for stablecoin-to-fiat transactions further underscores its dedication to advancing the digital payments industry.

By focusing on stablecoins, dtcpay is making sure it meets new regulations while also addressing concerns businesses and consumers have about the risks of traditional cryptocurrencies.

This move helps the company stay ahead in offering safe and scalable digital payment solutions.

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