This partnership aims to bring stablecoin technology to mainstream retail, as shoppers at Singapore’s department stores can now purchase using WUSD.
The integration follows dtcpay's recently announced partnership with Metro Department Store, which enables customers to pay with stablecoins such as USDT, USDC, and WUSD. This allows shoppers to pay directly with WUSD at checkout, creating a simpler experience that makes digital assets more accessible and practical for everyday use.
The expansion of WUSD acceptance as a stablecoin pegged to the US dollar at a 1:1 ratio and backed by fiat currency reserves highlights the growing utility of stablecoin 2.0 in real-world retail environments, according to WSPN. The company expects to observe further adoption across the broader market as more customers conveniently use WUSD for retail purchases.
The new development builds upon dtcpay’s partnership with WSPN announced in October 2024, which established WUSD as a digital payment option within dtcpay's expanding merchant network.
In December 2024, dtcpay discontinued its support for cryptocurrencies in favour of stablecoins. The platform now supports Tether's USDt, Circle's USD Coin (USDC), First Digital USD (FDUSD) and Worldwide USD (WUSD).
The company’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.
In September 2024, dtcpay partnered with Visa to upgrade the digital payments ecosystem in Singapore by integrating its payment technologies with Visa’s global network. This provided access to 130 million merchants across 200 countries. The initial phase will introduce the dtcpay Visa Infinite card, allowing users to convert digital currencies into fiat at competitive real-time rates. The card will be available for public registration in Q4 2024.
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