Tag: stablecoins

Singapore, 20 January 2025 – Primer, the unified infrastructure for global payments, and Singapore-based digital payments solutions provider dtcpay have announced a strategic partnership to facilitate seamless transactions across fiat and stablecoins for Southeast Asian consumers.

Using Primer’s infrastructure, dtcpay will now provide more payment options, including credit and debit cards, Apple Pay, and Google Pay, for consumers converting fiat to stablecoins. The partnership will also empower dtcpay to expand its offering to merchants, enabling both fiat and stablecoin payments through its online checkout capabilities. Known for serving the luxury retail and hospitality segments, including Capella Hotel Group, dtcpay’s adoption of Primer’s infrastructure will support the growing demand from high-net-worth individuals seeking to pay seamlessly using stablecoins.  

As it sets its sights on new markets, including Europe, the Middle East, and the US, dtcpay will leverage Primer’s extensive connections to global payment services, deep market expertise, and experience supporting ambitious, fast-growing businesses to expand internationally.

“This partnership with Primer allows dtcpay to enhance our offerings for our customers in our key segments across luxury and hospitality, allowing us to better facilitate seamless and secure transactions for merchants, whose customers increasingly seek to pay through their preferred stablecoins,” said Alice Liu, CEO & Co-founder of dtcpay. 

“Primer provides us with the global reach, advanced payment capabilities, and local market expertise needed to support our business in Southeast Asia and drive our expansion into new markets. We are confident that this partnership will enhance our position as one of the leading platforms for users transacting across fiat and stablecoins,” she adds. 

Kailash Madan, Head of Global Sales at Primer, said: “As the world’s first unified payment infrastructure, we are excited to partner with like-minded innovators like dtcpay, one of the region’s most recognized payment solution providers for stablecoins. As alternative payments increasingly become mainstream, our partnership is making stablecoin payments more accessible while providing merchants and consumers greater flexibility and choice about how they accept and make payments. As part of the partnership, we will also be making dtcpay available on the Primer platform as a payment method, to enable our merchants to collect payments through Stablecoins.” 

“We look forward to growing our partnership with dtcpay as they expand globally, supported by the expertise of our global team. As merchants increasingly view payments as a driver of growth, we’re focused on redefining what’s possible with unified infrastructure that removes barriers. By seamlessly integrating the best tools and services, we enable merchants to innovate, adapt, and scale with complete freedom.” he continues. 

For more information, please visit the Primer and dtcpay websites:

https://primer.io/

https://dtcpay.com/

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Media Enquiries

Lin Hui Hui

huihui.lin@baldwinboyle.com

+65 8298 8724

Rebecca Smith

rebecca.smith@baldwinboyle.com 

+65 8318 6275

Primer is the unified infrastructure for global payments and commerce. With unrivaled freedom and visibility across the payments and commerce ecosystem, Primer equips merchants with the tools to effortlessly optimize performance, build at pace, and capture untapped revenue to achieve unstoppable growth. 

Operating in over 35 countries, Primer serves category leaders in retail & ecommerce, travel & mobility, ticketing, and fintech. It has raised over US$94M, backed by the likes of Tencent, Iconiq, Accel, Balderton, and RTP Global.

dtcpay is a regulated Major Payment Institution (MPI) licensed by the Monetary Authority of Singapore (MAS) to conduct Digital Payment Token (DPT) services and other payment services under the Payment Services Act (PSA). As a leading provider of digital payment solutions, we pioneer the integration of stablecoin acceptance into traditional financial systems. With a vision to make global transactions seamless and sustainable, dtcpay empowers individuals and businesses to embrace the future of payments.

Learn more at dtcpay.com.

As we wrap up 2024, dtcpay is excited to announce that, starting January 2025, we will transition to only support stablecoins for all our Digital Payment Token (DPT) payment services. This means we will phase out support for Bitcoin (BTC) and Ethereum (ETH) by the end of this year, all other stablecoin & fiat currency services will continue to remain available.

This transition to a pure stablecoins model reflects our commitment to offering a secure, predictable, and regulatory-compliant payment solution. While cryptocurrencies like Bitcoin and Ethereum have played an important role in the digital finance ecosystem, their volatility creates challenges for businesses and consumers who need stability and reliability in their transactions.

By January 2025, in addition to USDT (Tether) and USDC (USD Coin) dtcpay plans to progressively support the following stablecoins, ensuring users can transact globally with a trusted and stable medium:

• FDUSD (First Digital USD)
• WUSD (Worldwide USD)

These stablecoins are pegged to fiat currencies like the U.S. dollar, offering the stability and security businesses and consumers demand.

• Stability: Unlike traditional cryptocurrencies, most stablecoins are less volatile and speculative in nature because they are commonly pegged to fiat currencies. This means businesses and consumers can transact with certainty and predictability, without worrying about drastic price fluctuations.

• Security and Compliance: Stablecoins offer a higher level of trust and security compared to other digital assets. They are typically backed by reserves, ensuring value retention and reducing the risks associated with more volatile assets.

• Scalability: By focusing on stablecoins, dtcpay can offer solutions that are globally scalable, ensuring seamless payments across borders without the high fees and delays often associated with traditional cross-border payments.

This transition to a stablecoin model is a direct response to user demand, where a significant percentage of payments were made in stablecoins, as reflected in our recent one year’s transaction data. Payments in Singapore using stablecoins reached a record high of almost US$1 billion in the second quarter of 2024, led by transactions at merchant outlets, according to a report from Chainalysis (reported by Bloomberg). The surge in stablecoin adoption highlights the growing preference for stability and reliability in digital payments—factors that are driving dtcpay’s strategic decision to focus exclusively on stablecoins. By embracing this shift, we aim to meet the increasing demand for secure, predictable, and compliant payment solutions in an evolving digital finance ecosystem.

Some of our notable achievements include:

• The only Asia-based company selected for the Mastercard Start Path program.
• First regulated POS in Singapore to accept cryptocurrencies.
• 2022 SFF Global FinTech Award by Singapore FinTech Association (SFA).
• 2023 Best Cryptocurrency Payment Company by APAC Insider.
• 2023 Top Singaporean FinTech Seed Deal.
• Ranked 6th globally on Hoptrail’s Global Anti-Money Laundering (AML) Leaderboard and No.1 Virtual Asset Service Provider (VASP) in Singapore (Aug 2024).
• 2024 Best Multi-Currency Swap Platform by PAN Finance
• 2024 PayTech of the Year and Disruptor of the Year at the Asia FinTech Awards.

Additionally, we are thrilled to announce our collaboration with Singapore’s NETS SGQR+ initiative, enabling seamless stablecoin-to-fiat transactions through a unified QR code across the island. We’re also proud to be the first Major Payment Institution (MPI) in Singapore to join the Luxembourg House of Financial Technology (LHoFT), underscoring our global ambitions.

By transitioning to focus dtcpay’s Digital Payment Token (DPT) services purely on stablecoins, dtcpay is setting the stage for the future of global, digital payments. This move is designed to provide our customers with a more reliable, scalable, and secure payment experience—making digital finance predictable and stable.

As we enter 2025 with this clean slate, we remain committed to our mission of delivering Tomorrow’s Payments, Today. The future of payments is stable, and we’re proud to lead this evolution.

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Ashlee Zhang
Head of Marketing
dtcpay
ashlee.zhang@dtcpay.com  

dtcpay is a regulated Major Payment Institution (MPI) licensed by the Monetary Authority of Singapore (MAS) to conduct Digital Payment Token (DPT) services and other payment services under the Payment Services Act (PSA). As a leading provider of digital payment solutions, we pioneer the integration of stablecoin acceptance into traditional financial systems. With a vision to make global transactions seamless and sustainable, dtcpay empowers individuals and businesses to embrace the future of payments.

Learn more at dtcpay.com.