Singapore Bridges TradFi and DeFi with Stablecoin Credit Card Debut

Standard Chartered and DCS Card Centre have launched DeCard, Singapore's first stablecoin-powered credit card, marking a significant step in integrating decentralized finance (DeFi) with traditional payment systems. The card, designed to enable users to spend stablecoins like USDC and USDT at physical merchants nationwide, begins its initial rollout in November 2025, with a full-scale launch planned for early 2026, according to a report by CoinDesk. The initiative, supported by Singapore's progressive regulatory framework, aims to position the city-state as a global hub for digital asset innovation while addressing real-world adoption challenges for stablecoins, as reported by the Independent.

DeCard operates through a proprietary D-Vault system that securely tracks user balances, facilitates real-time crypto-to-fiat conversions, and ensures compliance with regulatory requirements, according to a report from CoinDesk. Standard Chartered, acting as the principal banking partner, provides transaction banking, liquidity management, and foreign exchange services, while DCS handles merchant integrations and user account management, as detailed in a CoinDesk report. This collaboration leverages Standard Chartered's virtual account infrastructure and API connectivity to streamline payments, enabling merchants to receive fiat currency instantly while users spend stablecoins seamlessly, according to a report from CoinDesk.

The launch aligns with Singapore's growing dominance in stablecoin innovation, particularly under the Monetary Authority of Singapore's (MAS) Single Currency Stablecoin (SCS) framework, which mandates 1:1 fiat reserves for stablecoin issuers. Singapore's regulatory clarity has attracted projects like XSGD, a dollar-pegged stablecoin fully backed by reserves at DBS Bank and Standard Chartered, further solidifying the nation's role as a testbed for digital asset adoption, as noted in a CoinDesk report. DeCard's success could catalyze broader use cases for stablecoins in remittances, e-commerce, and cross-border trade, according to industry observers, as reported by a CoinDesk report.

Executives from both partners emphasized the initiative's potential to bridge traditional finance (TradFi) and DeFi. Dhiraj Bajaj, Standard Chartered's global head of transaction banking, stated the partnership reflects the bank's strategy to support clients in navigating the evolving digital assets landscape, while DCS Chief Commercial Officer Joan Han highlighted the project's role in setting benchmarks for responsible digital asset usage, as reported in a CoinDesk report. The card's design also differentiates itself from earlier crypto cards by focusing exclusively on stablecoins—avoiding exposure to volatile assets—and operating under a regulated license in Singapore, according to a CoinDesk report.

Globally, the stablecoin market has surged, with total supply projected to exceed $2 trillion by 2028, as noted in a CoinDesk report. DeCard's launch comes as major financial institutions, including Visa and Mastercard, negotiate settlements with U.S. merchants to reduce credit card interchange fees, potentially altering consumer spending dynamics, according to a report from the Independent. Meanwhile, Samsung's reported partnership with Barclays to launch a U.S. credit card underscores the intensifying competition in digital financial services, though DeCard's focus on stablecoins positions it uniquely in the fintech landscape, according to a CoinDesk report.