dtcpay – the digital payment token provider – has made a major strategic readjustment in their business model to focus only directly on stablecoin payment processing starting in January 2025. This transition will require discontinuing support for such cryptocurrencies as Bitcoin (BTC) and Ethereum (ETH) by the end of 2024 while maintaining support for stablecoins and fiat services.
The decision came as traditional cryptos are highly unpredictable while dtcpay seeks to provide businesses and consumers with a safer, more predictable, and legal payment method. There is further evidence based on user trends as a substantial part of the dtcpay transaction volume comprises stablecoin payments, according to transactions throughout the year.
In this process, dtcpay will add First Digital USD (FDUSD) and Worldwide USD (WUSD) as the supported stablecoin assets, as well as USDT and USDC. Stablecoins, anchored with fiat money like the US dollar, offer better security and stability and eliminate the risk profiles often attached to digital transactions.
This is in line with other trends observed in the digital payments business. According to a study done by Chainalysis, the payment made with SGD stable coins reached more than $1 billion in Q2 2024, showing that clients are searching for stability in payment jurisdictions.
Some of the achievements of dtcpay and the introduction of Fintech explain why the company is well-positioned in this industry. Most notably, it is the first company from Asia to be invited to the Mastercard Start Path program, the first regulated POS terminal in Singapore that accepts cryptocurrencies, winner of multiple awards, including the 2022 SFF Global Fintech Award and 2024 Asia Fintech Award for the PayTech of the Year and Disruptor of the Year. Moreover, dtcpay is at position six on the Hoptrail Global AML Leaderboard.
At global levels, dtcpay has been recognized as the first Major Payment Institution (MPI) to join the Luxembourg House of Financial Technology (LHoFT), which is also integrating with Singapore’s NETS SGQR+ to facilitate instant conversion between stablecoin and fiat utilizing single QR codes.
This way, by implementing the model focused on stablecoins, dtcpay will increase the business’ capacity, reliability, and security of payment services and reaffirm the company’s dedication to continuous development and successful products tailored to satisfy the customers’ needs.
Reference link
https://fintechnews.sg/104551/digitalassets/dtcpay-stablecoins/
