As the use of stablecoins increases, Singapore’s Metro department store chain will begin supporting stablecoin transactions both in-store and online.
According to Cointelegraph, the integration will be powered by crypto platform Dtcpay. Metro customers will be able to make purchases using dollar-based assets like Tether’s USDT and Circle’s USDC, as well as FD121’s First Digital USD and the Worldwide USD (WUSD) stablecoin issued by the Worldwide Stablecoin Payment Network.
Founded almost 70 years ago, Metro department stores have since grown into an important brand across many Asian markets. However, stablecoin payments will initially be available only at the Metro Paragon and Metro Woodlands locations in Singapore.
A Viable Asset
Stablecoins have been considered one of the most viable digital assets for everyday transactions because they aren’t as volatile as many cryptocurrencies. However, until now, the majority of stablecoin transactions have been limited to crypto exchanges.
The adoption of stablecoins in retail represents another critical step toward what many consider an impending golden age of stablecoins. The use cases for a digital asset that tracks a fiat currency are numerous, such as in cross-border payments and in countries that lack a stable fiat currency.
Stablecoins Are Here to Stay
Though there are increasing applications for stablecoins, the most significant factor driving the momentum of these digital assets is their increased adoption by major players in the payments industry like PayPal and Stripe.
Two years ago, PayPal launched its PayPal USD (PYUSD) stablecoin, which soon reached a market capitalization of $1 billion. While PYUSD’s market share is still just a fraction of Tether’s industry leading USDT stablecoin, PayPal has a well-established network of partners and financial institutions that it can leverage to drive growth.
The same can be said for Stripe, which finally added crypto transactions into its payments platform after a series of attempts over the years. However, more significant than the crypto integration was Stripe’s $1.1 billion acquisition of stablecoin company Bridge in October.
The purchase was one of the largest acquisitions in crypto and digital assets history, but it also exemplified financial services providers’ growing belief that stablecoins are here to stay.
