In Singapore, the department store chain, Metro Store, has announced that it will accept payments in stablecoin both in-store and online. All this was made possible thanks to the new partnership with Dtcpay.
Singapore: Metro Store and in-store and online payments with stablecoin
The crypto payment platform, Dtcpay, has announced its new collaboration with Metro Store, which now accepts payments in stablecoin.
Metro Store, the chain of department stores listed on the stock exchange in Singapore, now allows its customers to pay for products using stablecoins.
The stablecoins can be used to pay both in physical Metro Store locations and online. Specifically, such payments will be allowed at the two Metro retail outlets in Singapore: Metro Paragon and Metro Woodlands.
Singapore: Metro Store accepts payments in stablecoin USDT, USDC, FDUSD, and WUSD
In the report by Dtcpay, the stablecoins Tether (USDT) and USD Coin (USDC), FDUSD, and Worldwide USD (WUSD) were mentioned.
In this regard, Erwin Wuysang-Oei, Chief Operating Officer of Metro Departmental Store, said:
“At Metro, we have always been committed to innovation and providing exceptional experiences to our customers. This partnership with dtcpay is a testament to our vision of staying at the forefront in a rapidly evolving retail landscape. By integrating stablecoin payments, we are not just embracing the future, but we are shaping it. This is a transformative moment for Metro, and we are excited to be at the forefront of making digital assets a practical and everyday reality for our customers.”
The choice to accept stablecoin, instead of Bitcoin and crypto, is certainly due to their peg to the fiat price.
In this way, the volatility often associated with various crypto is reduced, and for Metro Store, they are the ideal choice for daily transactions.
The initiative of Paxos for the launch of USDG
And while there is talk of Singapore and stablecoin, it should be remembered the initiative of Paxos which, at the beginning of November 2024, had announced the launch of USDG.
In practice, it is a new stablecoin compliant with Singapore regulations, guaranteed by the US dollar and supported by DBS Bank.
USDG is therefore compliant with the regulations established by the Monetary Authority of Singapore (MAS), but at the moment it does not appear to be among the list of stablecoins accepted for payments in Metro Store.