By Dtcpay, a Singapore-licensed cryptocurrency payment platform, has announced that it will phase out support for Bitcoin (BTC) and Ethereum (ETH) by the end of 2024 and focus solely on fiat and stablecoin transactions starting in January 2025.
This move reflects Dtcpay’s commitment to offering a more secure, predictable, and regulatory-compliant payment solution.
Dtcpay to shift to fiat and stablecoin-only payment services
According to the Dtcpay announcement, Dtcpay will transition to exclusively support fiat and stablecoins such as Tether’s USDT, USD Coin (USDC), and two newer additions to its platform: First Digital USD (FDUSD) and Worldwide USD (WUSD).
The company’s move aligns with broader industry trends where digital payments are increasingly driven by the demand for stable assets in an era of economic uncertainty.
By focusing on stablecoins, Dtcpay aims to cater to the growing need for scalability and security in the digital payments landscape.
In addition to its stablecoins, Dtcpay will continue to support fiat currency services, ensuring businesses and consumers can still enjoy seamless, cross-border transactions.
Why is Dtcpay dropping Bitcoin and Ethereum?
The decision to drop Bitcoin and Ethereum from Dtcpay’s payment services stems from the inherent volatility of these cryptocurrencies.
Dtcpay emphasized that the unpredictable price fluctuations of Bitcoin and Ethereum have made them less suitable for stable, everyday transactions.
In contrast, stablecoins, which are pegged to fiat currencies like the US dollar, offer a more reliable alternative that mitigates these risks.
The transition is also in response to observed user behaviour, as a significant portion of Dtcpay’s transaction volume already comes from stablecoin payments.
According to the company, this shift will provide a more stable and predictable experience for businesses and consumers who seek a trustworthy digital payment system.
The shift to stablecoins also reflects the increasing popularity of these digital assets in the global financial system.
A recent report from Chainalysis revealed that stablecoin payments in Singapore reached nearly US$1 billion in the second quarter of 2024, highlighting the surging demand for stable, regulated digital payment solutions.
This trend is mirrored by Dtcpay’s own growing stablecoin transaction volumes, reinforcing the platform’s decision to adapt to market needs.
Dtcpay’s move is also indicative of the company’s broader vision for the future of digital payments.
The firm has a strong track record of innovation and was the only Asia-based company selected for the Mastercard Start Path program.
Dtcpay is also the first regulated point-of-sale (POS) provider in Singapore to accept cryptocurrencies, further solidifying its leadership in the fintech sector.
As the company continues to expand, it remains committed to providing secure, scalable, and reliable payment solutions for businesses and consumers worldwide.
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