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Singapore's Big Name is Leaving Bitcoin and Ethereum Behind, Switching to These Coins - Coin Bulletin
Digital payment provider dtcpay announced that it will only offer stablecoin support in all payment services starting from January 2025.
With this strategic change, support for Bitcoin (BTC) and Ethereum (ETH) will be terminated by the end of the year, but service will continue to be provided with stablecoins and fiat currencies.
#####Why are Bitcoin and Ethereum being mined?
dtcpay, states that the volatile nature of cryptocurrencies such as Bitcoin and Ethereum is the main reason behind this decision. The company aims to provide a safer, more predictable, and compliant payment solution by focusing on stablecoins. One year of data on user behavior also supports this decision, as a large portion of the company's transaction volume comes from stablecoins.
#####New stablecoins will be supported
dtcpay plans to support new stablecoins such as First Digital USD (FDUSD) and Worldwide USD (WUSD) in addition to the current USDT and USDC support. Pegging stablecoins to fiat currencies like the US dollar reduces volatility and offers safer and less speculative digital transactions.
#####Demand for Stablecoin Payments is Increasing
This change reflects the increasing need for stability in digital payments. According to a report by Chainalysis, stablecoin payments in Singapore reached nearly $1 billion in the second quarter of 2024. This increase indicates a growing demand for reliability and stability in digital payments.