Fintech tie-up to offer stablecoin payments at 20,000 merchants

Move highlights crypto's shift towards broader acceptance and real-world utility

- Timothy Goh

Two Singapore payments firms have teamed up to enable stable-coin transactions here, tapping a small but growing group of "crypto natives" who use digital wallets and cryptocurrencies as seamlessly as traditional and internet banking.

The partnership between digital asset payment firm Triple-A and payment processor HitPay will enable 20,000 small and medium-sized enterprises (SMEs) in Singapore to accept US dollar-pegged stablecoins such as USDC, USDT and PayPal USD from customers with crypto wallets, giving them yet another option to pay.

The move highlights how Singapore's crypto industry is maturing, with stablecoins potentially paving the way for practical, everyday use.

Once viewed mainly as speculative assets, digital tokens are now being integrated into payment systems, reflecting a shift towards broader acceptance and real-world utility.

Stablecoins are a type of cryptocurrency whose value is pegged to a currency, commodity or financial instrument to reduce price volatility. They are commonly used as a more stable medium of exchange, such as for payments and trading, than highly volatile tokens, like Bitcoin.

Stablecoins also let businesses and consumers transact instantly across borders at lower fees.