dtcpay to phase out BTC, ETH support amid services shift
dtcpay has announced that it will be shifting its payment services to stablecoins only effective 2025
The Singapore-based platform will phase out Bitcoin and Ethereum by the end of the year
Singapore-based payment institution dtcpay will no longer be supporting Bitcoin and Ethereum as payment modes.
The licensed payment platform said the move will be effective in 2025, according to a report from Fintech News. It only intends to support stablecoins and fiat currency payment modes.
The move focuses more on the stability of stablecoins and fiat currency rather than the volatile nature of crypto. Business operators and consumers are also assured of a more secure payment mode and in line with the country’s regulations.
dtcpay eyes stablecoins in services pivot
In its announcement, dtcpay mentioned that there will be a paradigm shift come January 2025. Announcing its cancellation for accepting Bitcoin and Ethereum, it intends to accept stablecoins USDT, USDC, Worldwide USD (WUSD), and First Digital USD (FDUSD) among others.
dtcpay’s decision comes amid an increased trajectory that has seen the regulated digital payments provider’s users lean towards stablecoins. The growth is what the company is looking to tap into, with digital payments seen as the new frontier in revolution that’s crypto.
Stablecoins make a huge chunk of this, with a Chainalysis report for Q2, 2024 indicating that the asset-backed tokens accounted for an estimated $1 billion in payments.
dtcpay’s strategic move is a strong indicator of the need for a stable and most reliable way of digital payment.
The platform’s good record in innovation, progressive growth in the digital world and different accolades has seen it become a darling to businesses.
In October 2024, the payment platform, and the only Asia-based company, was picked for the Mastercard Starter Path programme. It also became the first to launch a regulated POS in Singapore enabling business owners to accept crypto payments.
