Singaporean digital payment provider Dtcpay announced its decision to exclusively support stablecoins for its payment services starting January 2025.
Importantly, this strategic pivot involves phasing out support for and , two of the largest cryptocurrencies by market capitalization, by the end of 2024.
“As we wrap up 2024, dtcpay is excited to announce that, starting Jan 2025, we will transition to only support stablecoins for all our Digital Payment Token (#DPT) payment services,” said Dtcpay on 3 December 2024.
What Is Dtcpay’s Rationale behind This Shift?
“By transitioning to focus dtcpay’s #DPT services purely on #stablecoins, we are setting the stage for the future of global, digital payments,” the company said. “This move is designed to provide our customers with a more reliable, scalable, & secure payment experience.”
Given the current popularity of stablecoins, Dtcpay’s transition to a stablecoin-only model is apparently driven by the need to provide a more reliable, scalable, and secure payment experience for its customers.
However, the company highlighted that this strategic shift is not just about minimizing volatility but also about enhancing the overall user experience.
Will this move appeal to businesses and consumers who require certainty in pricing and value transfer? We’ll have to wait and watch.
Expanding Stablecoin Support
Dtcpay plans to extend its support to a broader range of stablecoins.
Currently, the platform supports Tether (USDT) and USD Coin (USDC), two of the most widely used stablecoins globally.
The company intends to add First Digital USD (FDUSD) and Worldwide USD (WUSD) to its roster.
Recently, Quantoz Payments, a Netherlands-based Electronic Money Institution (EMI), announced the launch of two MiCAR-compliant stablecoins – EURQ and USDQ.
Ripple’s RLUSD Stablecoin Set To Get The Nod
Ripple Labs’ RLUSD stablecoin is reportedly on the brink of receiving approval from the New York Department of Financial Services (NYDFS).
Interestingly, this approval could come as soon as next week, ahead of its anticipated launch on 4 December 2024!
According to a Fox News report dated 29 November 2024, the potential green light from NYDFS could mark a pivotal moment for Ripple.
The news of potential NYDFS approval has already had a notable impact on XRP, Ripple’s associated digital asset.
In fact, XRP experienced a substantial price surge. It climbed from $1.45 on 28 November 2024 to $1.88, marking an impressive 30% increase. Does the price movement show investor confidence in Ripple’s strategic direction and regulatory progress?
Read more: Is Ripple’s RLUSD Stablecoin Close To Getting NYDFS Approval? Rumours Float Amidst XRP Surge
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