Singapore-based cryptocurrency payment provider DTCpay has announced it will phase out Bitcoin (BTC) and Ethereum (ETH) transactions by the end of 2024 and transition entirely to stablecoins by January 2025.
The shift is driven by the price volatility of Bitcoin and Ethereum, which complicates digital payments for users. Instead, DTCpay will focus on stablecoins like USDT (Tether), USDC (USD Coin), FDUSD (First Digital USD), and WUSD (Worldwide USD), offering consistent value pegged to fiat currencies like the U.S. dollar. This move reflects growing stablecoin adoption, particularly in Singapore, where transaction volumes nearly doubled to $1 billion in Q2 2024. Regulatory support, including frameworks from the Monetary Authority of Singapore (MAS) for stablecoins pegged to major currencies, has facilitated this trend.
DTCpay’s transition aligns with its vision to enhance scalability and interoperability in payments, supported by its payment institution license from MAS and partnerships with key players like Pontiac Land. The shift also underscores the global rise of stablecoins, especially in banking and digital payments across Asia, Europe, and the Middle East.
Read the original article here: https://cryptonews.com/news/dtcpay-to-replace-bitcoin-and-ethereum-with-stablecoins-by-2025/