Metro Pioneers Stablecoin Payments in Singapore

Singapore's leading department store chain, Metro, has partnered with local crypto payments company DTCPAY to introduce stablecoin payments in its offline stores and online shopping mall, Metro Mall. This move allows customers to use stablecoins such as Tether's USDT, Circle's USDC, Worldwide Stablecoin Payment Network's WUSD, and First Digital Dollar's FDUSD for transactions. The adoption of stablecoins aims to provide consumers with a smooth and secure payment process, while also positioning Metro at the forefront of the evolving retail landscape.

Unlike highly volatile cryptocurrencies like Bitcoin or Ethereum, stablecoins are pegged to an asset, making them suitable for everyday transactions. By embracing stablecoins, Metro is not only following the latest trends but also leading the retail sector in integrating digital assets. The company's Chief Operating Officer, Erwin Wuysang-Oei, emphasized Metro's commitment to innovation and its role in driving the adoption of stablecoins in Singapore.

Singapore's crypto-friendly regulations have been instrumental in the rapid growth of stablecoin transactions. According to Chainalysis, a blockchain analytics company, stablecoin transactions in Singapore nearly reached $1 billion in the second quarter of 2024. The country's open regulatory environment, particularly the Payment Services Act 2019, has provided legal certainty for companies to engage in crypto-associated activities, encouraging businesses to explore opportunities in the cryptocurrency sector. As of February 3, 2025, Singapore's Monetary Authority of Singapore (MAS) had licensed 30 large payment institutions to offer Digital Payment Token (DPT) services, further solidifying Singapore's status as a global cryptocurrency hub.

Metro's adoption of stablecoins represents a significant step in increasing the use of digital assets in traditional retail and reinforces Singapore's position as a leader in digital payment technology. As the retail sector continues to evolve, Metro's innovative approach to payments is likely to inspire other businesses to follow suit, driving further adoption of stablecoins and digital assets in the region.