Dtcpay will discontinue support for Bitcoin and Ether by January 2025 to concentrate solely on stablecoin payments.
Dtcpay, a cryptocurrency payment platform licensed in Singapore, has disclosed its intention to discontinue support for cryptocurrencies such as Bitcoin in favor of transactions that exclusively involve stablecoins.
On December 3, the platform made an explicit announcement on X that its platform will discontinue support for Bitcoin and Ether payments by the end of 2024.
Rather, cryptocurrency payment platform will transition to exclusively supporting stablecoins such as USDt from Tether and USD Coin from Circle for all of its digital payment token (DPT) services, according to the statement.
The platform intends to implement a stablecoin-only paradigm by January 2025, as indicated in the announcement.
Additionally, FDUSD, WUSD Stablecoins Will Be Supported By Dtcpay
Dtcpay will provide support for First Digital’s reserve-backed stablecoin, First Digital USD (FDUSD), and the Worldwide Stablecoin Payment Network’s (WSPN) Worldwide USD (WUSD) stablecoin, in addition to USDT and USDC.
Operated on the Ethereum blockchain and the BNB Chain, which is sponsored by Binance, FDUSD was introduced in June 2023.
According to CoinGecko data, the FDUSD stablecoin is the sixth largest stablecoin by market value, with a market capitalization of $1.9 billion at the time of writing.
Worldwide USD is a fiat-collateralized stablecoin that is anchored to the US dollar at a 1:1 ratio and was developed by WSPN.
In accordance with the white paper of the WSPN, the total quantity of WUSD tokens in circulation is consistently secured by an equivalent quantity of fiat currency that is held in reserve.
Dtcpay’s Objective Is To Provide “More Secure, Scalable, Reliable Payment Experience”
“Dtcpay’s decision to exclusively support stablecoin payments is consistent with the company’s mission to offer its customers a more secure, scalable, and reliable payment experience,” the company stated in the announcement.
This transition is also consistent with the preferences of reported users, as a substantial portion of Dtcpay’s transaction volume is already derived from stablecoins, as evidenced by annual transaction data.
Alice Liu, Band Zhao, and Sam Lin co-founded Dtcpay in 2019, which was previously known as Digital Treasures Center. The company has secured significant partnerships and adopters, such as Pontiac Land, Singapore’s largest property group, which is owned by billionaire Kwee Liong Tek.
The cryptocurrency payment platform obtained a significant payment institution license from Singapore’s central bank in 2022 to provide DPT services. Following in-principle approval by the Monetary Authority of Singapore (MAS), this license enabled the firm to operate under an exemption under the Payment Services Act.
In November 2023, Dtcpay deployed a payment system that accommodated both fiat and cryptocurrencies, including Bitcoin and Tether, for both in-store and online transactions, subsequent to the approvals.
