Singaporean digital payments provider Dtcpay has announced its decision to exclusively support stablecoins for its payment services starting January 2025.
Importantly, this strategic pivot involves phasing out support for .cwp-coin-chart svg path { stroke: ; stroke width: ; }
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two of the largest cryptocurrencies by market capitalization, by the end of 2024.
“As 2024 comes to a close, dtcpay is pleased to announce that, starting in January 2025, we will transition to stablecoin-only support for all of our digital payment tokens (#DPT) payment services,” Dtcpay said on Dec. 3, 2024.
What is Dtcpay’s rationale behind this change?
“Moving to focus on dtcpay #DPT purely active services #stablecoinswe are laying the foundation for the future of global digital payments,” the company said. “This move is designed to provide our customers with a more reliable, scalable and secure payment experience.”
Given the current popularity of stablecoins, Dtcpay’s transition to a stablecoin-only model is seemingly driven by the need to provide its customers with a more reliable, scalable and secure payment experience.
However, the company emphasized that this strategic shift is not just about minimizing volatility, but also about improving the overall user experience.
Will this move appeal to businesses and consumers who demand certainty in pricing and value transfer? We’ll have to wait and watch.
Expanding support for stablecoins
Dtcpay plans to extend its support to a wider range of stablecoins.
The platform currently supports Tether (USDT) and USD Coin (USDC), two of the most used stablecoins globally.
The company plans 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.
Related: Quantoz Debuts Two Stablecoins EURQ and USDQ: Tether, Kraken and Fabric Ventures Launch – 99Bitcoins
Ripple’s RLUSD stablecoin is set to receive consensus
Ripple Labs’ RLUSD stablecoin is reportedly on the verge of receiving approval from the New York Department of Financial Services (NYDFS).
Interestingly, this approval could arrive as early as next week, ahead of its scheduled launch on December 4, 2024!
According to a Fox News report on November 29, 2024, the potential green light from the NYDFS could mark a pivotal moment for Ripple.
News of the potential NYDFS approval has already had a notable impact on XRP, the digital asset associated with Ripple.
Indeed, XRP has seen a notable price increase. It rose from $1.45 on November 28, 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 NYDFS Approval? Rumors are circulating amid the XRP surge
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