Metro and DTCPAY Launch Stablecoin Payment Option for Singapore Shoppers
Highlights:
- Metro and DTCPAY enable stablecoin payments across physical and online shops in Singapore.
- Customers can make payments using USDT, USDC, and WUSD, with FDUSD to be introduced in the future.
- Stablecoins payments in Singapore rose to nearly $1 billion in Q2 of 2024, indicating the growing adoption of digital assets.
Metro, a major retail chain store in Singapore, has integrated DTCPAY for its stablecoin transactions in its shops. According to the press release, the move gives customers the convenience of engaging digital assets in both physical shops and online Metro Mall.
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The move makes Metro the first department store in Singapore to accept such currencies pegged on stablecoins. Currently, accepted cryptocurrencies are Tether (USDT), USD Coin (USDC), Worldwide USD (WUSD), and First Digital USD (FDUSD), which will be added soon.
🛍️ The future of shopping is here—pay for your next Metro spree with #stablecoins! #USDC #USDT #WUSD
We’re excited to be announcing our collaboration with #Metro, one of #Singapore’s most iconic departmental stores!
Read more: https://t.co/1xcnfBvzZA pic.twitter.com/FHo0KPD9gf
— dtcpay (@dtc_pay) February 26, 2025
According to the Chief Operating Officer of Metro, Erwin Wuysang-Oei, this integration is part of the store’s response to the digitization of the business world. Wuysang-Oei added that this strategic partnership places Metro at the cutting edge of the rapidly growing Singapore retail market. DTCPAY’s commercial director, Andy Sze Toh, said that the payment option allows consumers to avoid the problem of fluctuating prices that are more often witnessed in many cryptocurrencies.
Singapore Sees Surge in Stablecoin Payment Solutions
Singapore is among the leading countries in utilizing digital assets. In Q2 of 2024, it recorded almost $1 billion in stablecoin transactions, according to Chainalysis data. This trend supports DTCPAY’s strategy of exclusively supporting stablecoins starting from 2025. Excluding Bitcoin and Ethereum provides the crypto payment solution firm an opportunity to provide a better and more secure product.
🧵1/ Major Announcement: dtcpay Will Support #Stablecoin & Fiat #Payments Starting January 2025
As we wrap up 2024, dtcpay is excited to announce that, starting Jan 2025, we will transition to only support stablecoins for all our Digital Payment Token (#DPT) payment services. pic.twitter.com/lCrWuJdHeZ
— dtcpay (@dtc_pay) December 3, 2024
The partnership between Metro and DTCPAY responds to the marketplace’s growing need for innovative payment services. Thus, the focus shifts to new and more stable means of payment for goods and service purchases preferred by the consumer. This underscores Metro’s commitment to using technology to improve the shopping experience.
Although the integration has been done, Metro’s website hasn’t been updated to offer the new payment option. Credit cards are still the current online payment method. DTCPAY also confirmed that Metro’s physical stores process stablecoin payments. However, they will soon be added online.
Metro Leads Retail Shift Toward Digital Currency Integration
DTCPAY has been participating in the process of providing stablecoin payments for real-life use cases. Earlier this year, it partnered with the Capella Hotel Group to extend the same payment solutions to luxury facilities. Regarding regulation, this progress has increased the pace of digital payment adoption, thereby putting Singapore ahead of regions like Hong Kong.
Metro’s adoption of stablecoin payments is part of a larger trend of digitalization in the retail sector within Singapore. In 2024, the Monetary Authority of Singapore licensed 13 new exchanges, double from the prior year. Such regulatory advances have helped to boost the growth of digital payments and put Singapore ahead of other parts, such as Hong Kong.
The stablecoin option offers customers a constant payment method that eliminates the volatility associated with traditional cryptocurrencies. With the inclusion of FDUSD in the near future, both Metro and DTCPAY will gradually improve consumers’ payment options.
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Raymond Munene
Raymond Munene is a crypto content writer who contributes to Crypto2Community. With over three years of experience, he is interested in Bitcoin, Blockchain, and Technical Analysis. Focusing on daily market analysis, his research helps traders and investors alike. His particular interest in cryptocurrency and blockchain aids his audience.
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