- Metro Singapore pioneers stablecoin payments, embracing digital assets for retail innovation.
- The company has partnered with dtcpay as its cryptocurrency payment provider.
- Stablecoin transactions in Singapore reached nearly $1 billion in Q2 2024, showing rapid growth.
Singapore has taken a major step in digital payments with its departmental store accepting stablecoin transactions. Metro has announced that it will now accept stablecoins for purchases. Customers can pay using Tether (USDT), USD Coin (USDC), and Worldwide USD (WUSD). Plans are on to support First Digital USD (FDUSD). This decision makes it the first departmental store in Singapore to introduce stablecoin payments.
The company has partnered with dtcpay as its cryptocurrency payment provider to establish this system. Metro expects this approach will position the company as an industry frontrunner in retail innovation by delivering a seamless and modern shopping experience for its customers. The chief operating officer of the store, Erwin Wuysang-Oei, emphasized the importance of this transition stating that the company is not just adapting but shaping the future of retail.
The use of stablecoins is steadily increasing in Singapore as a preferred digital payment method. Research by Chainalysis stated that the total volume of stablecoin payments in Singapore reached about $1 billion during the second quarter of 2024. This figure reflects the increasing demand for digital transactions that offer stability and security.
The move by Metro aligns with ongoing transformations within retail markets. The growing number of companies adopting blockchain payments finds value in stablecoins for establishing a bridge between conventional payment systems and cryptocurrencies. Unlike volatile cryptocurrencies, stablecoins maintain a stable value, making them more practical for daily transactions.
Related: Hong Kong’s Stablecoin Race: Standard Chartered Takes a Lead
Customers at Metro can now utilize stablecoins to make their shopping transactions both in-store and online, enabling shopping flexibility. The integration of stablecoins also aligns with Singapore’s growing acceptance of digital assets. Many businesses are beginning to explore similar payment options.
The adoption of stablecoin payments is expected to influence other retailers. If Metro’s initiative proves successful, more businesses may follow, solidifying stablecoins’ function as a mainstream payment method in Singapore.
Despite the new payment method, Metro Holdings’ share price remained unchanged at $0.42 at press time. However, the long-term impact of stablecoin payments on Metro’s business remains to be seen.
