- Singapore’s Metro department store has partnered with DTCPAY to roll out stablecoin payments.
- Metro accepts stablecoins such as USDT, USDC, WUSD, and FDUSD.
Singaporean department store chain Metro has joined forces with local crypto payments firm DTCPAY to integrate stablecoin payments across its physical stores and online platform, Metro Mall.
The Metro will support four major stablecoins namely Tether’s USDT, Circle’s USDC, Worldwide Stablecoin Payment Network’s WUSD, and the Metro will also add the First Digital Dollar Stablecoin (FDUSD).
These digital assets offer a solid payment option by holding constant value, in contrast to more volatile currencies like Bitcoin or Ethereum. This stability makes them perfect for day-to-day transactions, having the advantage of crypto without the risk of unpredictable price fluctuations.
Erwin Wuysang-Oei, the Chief Operating Officer at Metro, stated:
“Our collaboration with DTCPAY confirms our vision to stay ahead in a rapidly changing retail environment. By integrating stablecoin payments, we are not only embracing the future but also shaping it. This is a transformative moment for Metro, and we are excited to lead the industry in making digital assets a tangible, everyday reality for our customers.”
Moreover, stablecoin payments will become more popular in Singapore after this initiative of Metro. According to a recent report from blockchain analytics firm Chainalysis, stablecoin transactions in the country nearly hit $1 billion in just the second quarter of 2024.
Singapore’s Crypto-Friendly Regulations
Singapore has established itself as a world hub for cryptocurrencies, primarily because of its well-defined regulatory framework. Further, the Payment Services Act 2019 has also been the deciding factor in offering legal certainty to Digital Payment Token (DPT) service providers, creating a stable and enjoyable ecosystem for crypto-related companies.
As of 3 February 2025, the Monetary Authority of Singapore (MAS) has licensed 30 significant payment institutions for DPT services. In 2024, Singapore awarded 13 new licenses, reaffirming its crypto-friendly approach to regulation. This regulatory transparency has motivated domestic and foreign crypto companies to broaden their operations within the nation.
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