Singapore's Metro department store, in collaboration with DTCPAY, is introducing the option to pay with stablecoins in its physical stores and online.
Metro and DTCPAY Partnership
The Singaporean department store chain Metro has partnered with the local payments firm DTCPAY to integrate stablecoin payments across its outlets and online platform, Metro Mall. Metro will now support four major stablecoins: USDT, USDC, WUSD, and FDUSD.
Benefits of Stablecoins
These digital assets offer a reliable payment option by maintaining constant value, unlike more volatile currencies such as Bitcoin or Ethereum. This stability makes them ideal for daily transactions, providing the advantages of crypto without the risk of unpredictable price swings. They are gaining traction in Singapore, and according to Chainalysis, stablecoin transactions in the country have almost reached $1 billion in the second quarter of 2024.
Singapore's Crypto-Friendly Regulations
Singapore has established itself as a global hub for cryptocurrencies thanks to its clear regulatory framework. The Payment Services Act 2019 has been crucial in offering legal clarity for Digital Payment Token service providers, creating a stable ecosystem for crypto businesses. As of February 3, 2025, the Monetary Authority of Singapore has licensed 30 major payment institutions for DPT services.
Metro's move to accept stablecoins highlights its aim to adapt to digital changes and leverage the advantages of the modern payment ecosystem.
