As a researcher with extensive experience in the cryptocurrency market, I find the decision by Dtcpay to phase out support for Bitcoin and Ethereum payments and transition exclusively to stablecoin transactions quite intriguing. Given my background, it’s safe to say that I’ve seen more than a few crypto trends come and go.
The Singapore-based cryptocurrency payment service, Dtcpay, has revealed its intention to gradually discontinue the use of cryptocurrencies such as Bitcoin and instead focus solely on transactions using stablecoins.
On December 3, Dtcpay revealed their intention to discontinue Bitcoin (BTC) and Ether (ETH) payment options from their platform by the close of 2024, marking an official notice about this change.
Rather than expanding the range of tokens it supports, Dtcpay will now focus exclusively on stablecoins such as Tether’s USDT (USD Tether) and Circle’s USDC (USD Coin), for all its digital payment token services going forward.
Dtcpay said it plans to transition to a stablecoin-only model by January 2025.
Dtcpay will also support FDUSD and WUSD stablecoins
Apart from USDT and USDC, the digital payment platform Dtcpay will also provide compatibility with two additional stablecoins: First Digital’s reserve-backed currency, First Digital USD (FDUSD), and Worldwide Stablecoin Payment Network’s stablecoin, Worldwide USD (WUSD).
Introduced in June 2023, FDUSD functions on both Ethereum and the BNB Chain, which is supported by Binance. At the point of this writing, the market capitalization of FDUSD, a stablecoin, was reportedly $1.9 billion by CoinGecko, placing it among the top six largest stablecoins in terms of market value.
Developed by WSPN, Worldwide USD functions as a stablecoin that maintains a 1-to-1 ratio with the U.S dollar. In other words, each WUSD token corresponds to one U.S dollar, as stated in WSPN’s whitepaper. The company ensures this balance by keeping an equivalent amount of fiat currency on reserve for every WUSD token in circulation.
Dtcpay targets a “more reliable, scalable and secure payment experience”
In their statement, Dtcpay explained that their choice to only accept stablecoin transactions is in line with their goal of offering clients a “more dependable, adaptable, and safe payment process.
This change coincides with the reported preferences of users, since a substantial amount of Dtcpay’s transactions are already made using stablecoins, according to yearly transaction statistics.
Established in 2019, Dtcpay (previously known as Digital Treasures Center) was co-founded by Alice Liu, Band Zhao, and Sam Lin. This company has secured notable partnerships and adopters, such as Pontiac Land Group, a significant property firm from Singapore owned by billionaire Kwee Liong Tek.
In 2022, Dtcpay received a significant payment institution license from Singapore’s central bank, enabling them to provide Digital Payment Token (DPT) services. This license was granted based on initial approval by the Monetary Authority of Singapore (MAS), which allowed them to operate under an exception in the Payment Services Act.
In November 2023, the Dtcpay payment platform was initiated after receiving necessary approvals. This system accepts both traditional currencies (fiat) and digital assets such as Bitcoin and Tether, facilitating both physical store and online transactions.
Read More
- GBP EUR PREDICTION
- POL PREDICTION. POL cryptocurrency
- SEI PREDICTION. SEI cryptocurrency
- CNY RUB PREDICTION
- TRB PREDICTION. TRB cryptocurrency
- HBAR PREDICTION. HBAR cryptocurrency
- RLC PREDICTION. RLC cryptocurrency
- CTXC PREDICTION. CTXC cryptocurrency
- TNSR PREDICTION. TNSR cryptocurrency
- USD CHF PREDICTION
2024-12-03 15:48