dtcpay, the licensed payment service provider, has announced that it will no longer be supporting Bitcoin (BTC) and Ethereum (ETH) in the new year as it transitions to only support stablecoins for its Digital Payment Token (DPT) payment services.
One of the primary reasons for this change is the volatility associated with cryptocurrencies. Many businesses and consumers need stability to conduct their transactions, meaning that turning to stablecoins and fiat currencies is the more reliable solution. This ties in with one of the commitments of dtcpay has made which is to offer secure, predictable and regulatory-compliant payment solutions.
According to dtcpay transaction data, a significant percentage of payments were made in stablecoins. Payments in Singapore using stablecoins reached a record high of almost $1billion in the second quarter of 2024, led by transactions at merchant outlets, according to a report from Chainalysis.
The surge in stablecoin adoption highlights the growing preference for stability and reliability in digital payments—factors that are driving dtcpay’s strategic decision to focus exclusively on stablecoins. By embracing this shift, we aim to meet the increasing demand for secure, predictable, and compliant payment solutions in an evolving digital finance ecosystem.
By January 2025, dtcpay plans to progressively support the following stablecoins, as well as USDT (Tether) and USDC (USD Coin), ensuring users can transact globally with a trusted and stable medium pegged to fiat currencies like the US dollar:
FDUSD (First Digital USD)
WUSD (Worldwide USD)
Perks of stablecoins
In addition to removing fears of drastic price fluctuations, stablecoins also offer a higher level of trust and security compared to other digital assets. They are typically backed by reserves, ensuring value retention and reducing the risks associated with more volatile assets.
Another benefit of putting all of its resources into stablecoins is that dtcpay can ensure scaleable payments internationally without the high fees and delays often associated with traditional cross-border payments.
The future of payments
dtcpay has also announced a collaboration with Singapore’s NETS SGQR+ initiative. This will enable stablecoin-to-fiat transactions through a unified QR code across the island. It is also the first major payment institution (MPI) in Singapore to join the Luxembourg House of Financial Technology (LHoFT).
The post Turn Away From Crypto: dtcpay to Exclusively Offer Stablecoins and Fiat Currency Solutions in 2025 appeared first on The Fintech Times.
