Key Takeaways:
A major Singapore retailer now accepts digital payments using stablecoins.
The system provides a more predictable alternative compared to volatile cryptocurrencies.
The approach mirrors a growing trend of integrating digital assets into everyday commerce.
Local rules support such payment innovations, encouraging broader adoption.
Metro, a major department store chain in Singapore, has partnered with Dtcpay to introduce stablecoin payments, according to a local publication on Wednesday.
Metro Integrates Stablecoin Payments in Singapore Stores
Metro customers will soon be able to make purchases using stablecoins such as Tether’s USDT, Circle’s USDC, and WUSD from the Worldwide Stablecoin Payment Network.
The company also plans to add support for First Digital Dollar Stablecoin (FDUSD) in the near future.
Metro’s COO, Erwin Wuysang-Oei, stated that the initiative aligns with the company’s efforts to modernize payment options.
“This is a transformative moment for Metro, and we are excited to lead the industry in making digital assets a viable everyday reality for our customers,” he stated.
The collaboration comes as Dtcpay moves to focus exclusively on stablecoin payments by 2025.
Earlier this year, the firm announced it would discontinue support for Bitcoin (BTC) and Ethereum (ETH) in favor of more stablecoins.
This decision intends to provide businesses and consumers with a more reliable, scalable, and secure digital payment experience.
Stablecoin Market Sees Major Growth in 2024
The stablecoin market expanded rapidly in 2024, with its total supply growing by 59%. At its peak, stablecoins comprised 1% of the total U.S. dollar supply.
However, their share in the overall crypto market dropped by 13.5% over the year.
Stablecoins facilitated $27.6 trillion in transactions, exceeding the combined volume of Visa and Mastercard by 7.68%.
However, automated trading played a major role, with bots accounting for approximately 70% of stablecoin transactions in 2024.
On networks like Solana and Base, automated activity reached 98% of total volume.
A new trend in the market was the rise of yield-bearing stablecoins, which offer users returns on their holdings.
These now make up 3% of the stablecoin market and played a key role in the 414% growth of tokenized U.S. Treasuries.
Ethereum and Tron remained the leading platforms for stablecoins but saw their dominance drop from 90% to 83% as new blockchains like Base, Solana, Arbitrum, and Aptos gained market share.
Meanwhile, stablecoins recorded over $25.8 trillion in total trading volume, increasing their role in crypto trading compared to traditional currency trades.
Singapore’s Crypto Adoption and Regulatory Framework
Singapore has witnessed major growth in crypto adoption, with an increasing number of businesses integrating digital payments into their operations.
The Monetary Authority of Singapore (MAS) has been actively regulating stablecoins to maintain stability and credibility.
The country has positioned itself as a leader in digital asset adoption. Throughout 2024, MAS granted 13 new crypto licenses, doubling the number from the previous year.
This regulatory framework has allowed firms like Metro to explore stablecoin payments, bridging the gap between traditional finance and blockchain-based digital payments.
Metro’s adoption of stablecoin payments reflects the growing acceptance of digital payments in Singapore’s retail sector.
With Robinhood planning to launch crypto services in Singapore by late 2025 through its partnership with Bitstamp and Dtcpay, more retailers may explore stablecoin payments.
With Singapore’s regulatory framework evolving, businesses are increasingly integrating digital payment options to keep pace with shifting consumer preferences.
Metro’s decision to introduce stablecoin payments reflects a broader trend in the retail sector, where traditional businesses are gradually adapting to blockchain-based transactions.
As regulatory clarity improves, stablecoins may become a more commonly accepted payment method across various industries.
Frequently Asked Questions (FAQs)
Stablecoins are digital currencies pegged to traditional fiat money, which helps maintain steady value. Their reduced price fluctuation makes them well-suited for everyday purchases, offering both buyers and sellers a more consistent transaction experience.
Singapore has been adapting its payment systems to incorporate digital asset options under supportive regulatory guidelines. This change reflects a shift in consumer preferences and encourages businesses to consider tech-based solutions for daily transactions.
Consumers may enjoy quicker payment processing and potentially lower fees, along with the convenience of using digital assets directly for purchases. This offers an accessible alternative for those already participating in the digital economy.
Retailers need to update their payment infrastructure and provide staff training to manage digital transactions securely. They also have to adhere to evolving regulatory requirements to ensure compliance with local financial rules.
By incorporating stablecoin payments, Metro may set an example for other businesses, encouraging a wider use of alternative payment methods. This could lead to increased collaboration between tech providers and traditional retailers, further merging conventional commerce with digital finance.
The post Singapore’s Department Store Metro to Support Stablecoin Payments appeared first on Cryptonews.
