Sony Electronics Singapore Adopts USDC Payments Via Crypto.com

Sony Electronics Singapore, a subsidiary of the Japanese tech giant, has announced that its online store now accepts USDC payments through Crypto.com. This integration allows customers to use the USDC stablecoin for their purchases, marking a significant step towards mainstream adoption of cryptocurrency payments in the region. Chin Tah Ang, the general manager of Crypto.com Singapore, highlighted the partnership's importance, stating that it aims to make crypto payments more accessible and convenient for everyday transactions.

This development is part of a broader trend in Singapore, where stablecoin payments are gaining traction. Metro, a publicly listed department store chain, has also enabled stablecoin payments, allowing customers to use Tether’s USDt for their purchases. These initiatives reflect Singapore's growing embrace of digital currencies and blockchain technology, positioning the region as a hub for Web3 companies.

Singapore's regulatory environment has been instrumental in fostering this growth. The country has issued twice as many crypto licenses in 2024 compared to the previous year, attracting numerous Web3 companies. William Croisettier, chief growth officer of ZKcandy, noted that Singapore's risk-adjusted approach to crypto regulation and its facilitation of interactions between new crypto firms and local banking partners make it an attractive destination for the industry.

The integration of USDC payments through Crypto.com is not the only high-profile partnership for the crypto exchange. At the end of 2024, Crypto.com partnered with Deutsche Bank to provide corporate banking services across Asian-Pacific markets, including Singapore, Australia, and other regions. This collaboration underscores the growing acceptance and integration of cryptocurrencies in traditional financial services.

Singapore's commitment to blockchain technology is further evidenced by the plans of Singapore Gulf Bank, a crypto-friendly digital bank, to acquire a stablecoin payments company in 2025. The bank reportedly sought a fund injection of at least $50 million to pursue this effort, indicating a strong interest in expanding its crypto-related services. A study published at the end of 2024 ranked Singapore as a global champion of blockchain technology, highlighting its leadership in patents, jobs, and exchanges related to the sector.