Worldwide USD

Bitcoin

First Digital USD

Alice

Singapore-licensed cryptocurrency payment platform Dtcpay has announced plans to phase out support for cryptocurrencies like Bitcoin in favor of stablecoin-only transactions.
Dtcpay took to X on Dec. 3 to officially <a data-ct-non-breakable="null" href="https://x.com/dtc_pay/status/1863871088868077586" rel="null" target="null" text="null" title="null">announce</a> that its platform will phase out support for Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="null">BTC</a>) and Ether (<a data-ct-non-breakable="null" href="https://cointelegraph.com/ethereum-price" rel="null" target="null" text="null" title="null">ETH</a>) payments by the end of 2024.
Instead, Dtcpay will transition to support only stablecoins like Tether’s USDt (<a data-ct-non-breakable="null" href="https://cointelegraph.com/tether-price-index" rel="null" target="null" text="null" title="null">USDT</a>) and Circle’s USD Coin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/usdc-price-index" rel="null" target="null" text="null" title="null">USDC</a>) for all its digital payment token (DPT) services.
Dtcpay said it plans to transition to a stablecoin-only model by January 2025.
<h2 id="dtcpay-will-also-support-fdusd-and-wusd-stablecoins">Dtcpay will also support FDUSD and WUSD stablecoins</h2>
In addition to USDT and USDC, Dtcpay will offer support for First Digital’s reserve-backed stablecoin, First Digital USD (FDUSD), and Worldwide Stablecoin Payment Network’s (WSPN) Worldwide USD (WUSD) stablecoin.
Launched in June 2023, FDUSD operates on Ethereum and the Binance-backed BNB Chain. The FDUSD stablecoin had a $1.9 billion market capitalization at the time of writing, <a data-ct-non-breakable="null" href="https://www.coingecko.com/en/categories/stablecoins" rel="null" target="null" text="null" title="null">according</a> to CoinGecko data, ranking as the sixth-largest stablecoin by market value.
<figure>
 <img alt="Circle, Payments, Tether, Stablecoin" src="https://s3.cointelegraph.com/uploads/2024-12/01938c52-0b5a-75b5-9093-70c6b82287f9" title="">
 <figcaption style="text-align: center;">
 Dtcpay will exclusively support stablecoins like USDT, USDC, FDUSD and WUSD starting in January 2025. Source: <a data-ct-non-breakable="null" href="https://x.com/dtc_pay/status/1863871113232826814" rel="null" target="null" text="null" title="https://x.com/dtc_pay/status/1863871113232826814">Dtcpay</a>
 </figcaption>
</figure>
Built by WSPN,&nbsp; Worldwide USD is a fiat-collateralized stablecoin pegged to the US dollar at a 1:1 ratio. <a data-ct-non-breakable="null" href="https://static.wspn.io/wp-content/uploads/2024/02/05082030/ExternalWhitepaper_Worldwide-Stablecoin-Payment-NetworkWUSD_October-v2.pdf" rel="null" target="null" text="null" title="null">According</a> to WSPN’s white paper, the total number of WUSD tokens in circulation is always fully backed by an equal amount of fiat currency held in reserve.
<h2 id="dtcpay-targets-a-more-reliable-scalable-and-secure-payment-experience">Dtcpay targets a “more reliable, scalable and secure payment experience”</h2>
Dtcpay’s decision to exclusively support stablecoin payments aligns with the company’s mission to provide its customers with a “more reliable, scalable and secure payment experience,” the firm said in the announcement.
This transition also <a data-ct-non-breakable="null" href="https://fintechnews.sg/104551/digitalassets/dtcpay-stablecoins/" rel="null" target="null" text="null" title="null">aligns</a> with reported user preferences, as a significant portion of Dtcpay’s transaction volume already comes from stablecoins, based on annual transaction data.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/new-york-regulator-ripple-rlusd-stablecoin-report" rel="null" target="null" text="null" title="null">New York regulator set to approve Ripple’s RLUSD stablecoin: Report</a>
Formerly known as Digital Treasures Center, Dtcpay was co-founded in 2019 by Alice Liu, Band Zhao and Sam Lin. The company has <a data-ct-non-breakable="null" href="https://www.forbes.com/sites/zinnialee/2023/07/13/with-backing-from-billionaire-kwee-liong-tek-this-singapore-startup-is-bringing-crypto-payments-to-luxury-hotels/" rel="null" target="null" text="null" title="null">inked</a> some big partners and adopters, including Singapore’s major property group, Pontiac Land, owned by billionaire Kwee Liong Tek.
<figure>
 <img alt="Circle, Payments, Tether, Stablecoin" src="https://s3.cointelegraph.com/uploads/2024-12/01938c51-1d8d-7aa4-a8d3-29547cc965dc" title="">
 <figcaption style="text-align: center;">
 Dtcpay co-founder Alice Liu, CEO Kanny Lee (right) and Pontiac Land chairman Kwee Liong Tek (middle). Source: Forbes
 </figcaption>
</figure>
In 2022, Dtcpay <a data-ct-non-breakable="null" href="https://www.electronicpaymentsinternational.com/news/dtc-approval-digital-payment/" rel="null" target="null" text="null" title="null">secured</a> a major payment institution license from Singapore’s central bank to offer DPT services. This license followed in-principle approval by the Monetary Authority of Singapore (MAS), which allowed the firm to run using an exemption under the Payment Services Act.
Following the approvals, Dtcpay <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/singapore-startup-dtcpay-launches-retail-crypto-payments-system-with-chinese-partners" rel="null" target="null" text="null" title="null">launched a payment system</a> supporting fiat and cryptocurrencies like Bitcoin and Tether for in-store and online payments in November 2023.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/crypto-four-years-grow-cant-be-shut-down-kain-warwick-infinex/" rel="null" target="null" text="null" title="null">Crypto has 4 years to grow so big ‘no one can shut it down’: Kain Warwick, Infinex</a>

Crypto payment firm Dtcpay shifts to stablecoin-only payments model

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