- Metro becomes Singapore’s first department store to accept stablecoin payments.
- Stablecoin transactions in Singapore hit nearly $1 billion in Q2 2024, signaling growing demand.
- Experts discuss stablecoins as a faster, cost-effective alternative to traditional payment systems.
Metro Departmental Store in Singapore has announced it will be the first store in the nation-state to start accepting payments in stablecoins.
Starting now, customers can pay with Tether (USDT), USDC, and WUSD in stores and online. According to a report noted by media outlet Lianhe Zaobao, Metro will also soon support payments in First Digital USD (FDUSD).
Metro Embraces Crypto Payments for Retail Innovation
Metro’s decision to accept stablecoins comes after a partnership with crypto payment company dtcpay.
According to Erwin Wuysang-Oei, the COO of Metro Department Store, this collaboration aims to position Metro at the forefront of retail innovation. Additionally, he noted that by adopting stablecoin payments, Metro is not just preparing for the future but actively shaping it.
Moreover, Metro’s partnership with dtcpay will enable it to meet the needs of tech-savvy consumers seeking modern digital payment solutions in the changing retail environment.
Metro’s move comes at a time when the demand for stablecoin payments is increasing. According to blockchain analytics firm Chainalysis data, stablecoin transactions in Singapore reached nearly $1 billion in the second quarter of 2024.
Emerging Trends in Stablecoin Technology
Adding to the sentiment, industry experts at ETHDenver discussed how growing stablecoin tech and blockchain progress could change global payment systems. Stablecoins, with a market value over $200 billion, could be a cheaper and faster option compared to traditional financial systems.
Industry experts pointed out how these technologies could lessen the problems of current financial systems in cross-border payments, where fees and delays are common.
Related: SCB Launches Stablecoin Service for Cross-Border Payments in Thailand
While stablecoin payments have benefits, global adoption still faces issues. Regulatory roadblocks and practical problems are still obstacles to fully adding blockchain-based payments into the larger economy.
Related: Stablecoins Propel Nigeria to 2nd Place in Crypto Adoption
Moreover, industry experts at ETHDenver noted that, despite the promise of faster and cheaper transactions, overcoming these challenges is key to making sure stablecoins can grow and be accepted worldwide as a regular payment method.
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