While regulators in Europe are imposing stringent guidelines on stablecoins, Singapore has recently decided to embrace stablecoin payments, aiming to position itself as a crypto hub.
Metro Department store in Singapore has become the first department store in Singapore to accept stablecoin payments. According to a statement from Metro, customers will be able to use stablecoins for purchases both in Metro’s physical stores and on its online platform.
As per local media reports, the company has partnered with cryptocurrency payment provider dtcpay to execute this move. Metro believes this partnership places it at the forefront of retail innovation, offering tech-savvy shoppers a modern payment solution.
Customers will be able to pay with Tether (USDT), US Dollar Stable Coin (USDC), and Global US Dollar Stable Coin (WUSD). Soon, Metro will also accept payments using the First Digital US Dollar Stable Coin (FDUSD).
Singapore has been seeing growing demand for stablecoin payments, as attested by a recent report by blockchain analytics platform Chainalysis which revealed that stablecoin payments in Singapore reached nearly $1 billion in the Q2 of 2024.
Erwin Wuysang-Oei, Chief Operating Officer of Metro Department Stores, stated, “By integrating stablecoin payments, we are not only embracing the future but shaping it. This is a transformative moment for Metro, and we are excited to lead the industry and make digital assets a practical, everyday reality for our customers.”
Also Read: Crypto.com, Kraken Consider Launching Own Stablecoins in Europe