The company shared the update via its X account, stating that support for Bitcoin and Ether payments will end by late 2024. By January 2025, the platform intends to exclusively handle stablecoin transactions.
In addition to Tether's USDt and Circle's USD Coin (USDC), Dtcpay plans to support two other stablecoins: First Digital USD (FDUSD) and Worldwide USD (WUSD). FDUSD, launched in mid-2023, is a reserve-backed stablecoin operating on Ethereum and the BNB Chain. According to CoinGecko data, FDUSD had a market capitalization of USD 1.9 billion as of early December, ranking as the sixth-largest stablecoin.
Meanwhile, WUSD, created by the Worldwide Stablecoin Payment Network (WSPN), is pegged to the US dollar at a 1:1 ratio and backed by fiat currency reserves. WSPN's white paper highlights the stablecoin’s focus on maintaining full reserve backing. In essence, Dtcpay’s stablecoin-focused approach reflects a growing preference among businesses and consumers for less volatile digital payment methods.
Dtcpay’s decision to transition to a stablecoin-only payment model aligns with its strategy to provide what it describes as a more secure and scalable payment system. The company noted that stablecoins already account for a significant portion of its transaction volume, based on annual transaction data.
Founded in 2019, Dtcpay, formerly known as Digital Treasures Center, has partnered with various organisations, including Pontiac Land, a major Singapore property group. Moreover, the company worked with Visa in September 2024 to upgrade digital payments in Singapore. The collaboration integrated dtcpay's digital payment technologies with Visa's global network, providing access to 130 million merchants across over 200 countries.
The Dtcpay platform gained recognition after receiving a major payment institution licence from the Monetary Authority of Singapore in 2022, enabling it to offer digital payment token services.
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