Sony Electronics Singapore has announced the acceptance of USDC stablecoin payments through a partnership with Crypto.com.
Sony Electronics Singapore has announced the acceptance of USDC stablecoin payments through a partnership with Crypto.com. This integration reflects a growing trend of stablecoin adoption in Singapore and the broader Asia-Pacific region.
The announcement, made on April 2, highlights Sony Electronics Singapore's initiative to incorporate cryptocurrency into its payment options. Chin Tah Ang, general manager of Crypto.com Singapore, stated that the collaboration aims to make crypto payments more mainstream and simplify transactions for consumers.
This move is part of a broader pattern of increasing stablecoin acceptance among retailers in Singapore. In late February, Metro, a publicly listed department store chain, also began allowing customers to pay with stablecoins such as Tether’s USDt.
These developments indicate a shift toward integrating digital currencies into everyday commerce.
Singapore's regulatory environment has contributed to its emergence as a hub for crypto and blockchain technology. Reports indicate that the country issued twice as many crypto licenses in 2024 compared to the previous year, suggesting a proactive approach to fostering crypto innovation.
William Croisettier, chief growth officer of ZKcandy, noted that Singapore's focus on investor protection through risk-adjusted regulation facilitates partnerships between crypto firms and local banks.
In a related development, Singapore Gulf Bank, a digital banking entity, is reportedly seeking to raise at least $50 million to acquire a stablecoin payments company in 2025. This reflects ongoing interest in the stablecoin sector within the region.
Overall, the acceptance of USDC by Sony Electronics Singapore marks a significant step in the evolution of payment methods in the region, aligning with the increasing integration of cryptocurrency into mainstream financial systems.
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