SINGAPORE – Two Singapore payments firms have teamed up to enable stablecoin 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.
Under the partnership, Triple-A will convert payments made in stablecoins into Singapore dollars at a fixed rate at the point of sale, ensuring that merchants receive the full transaction value in fiat currency through HitPay.
This ensures that a merchant selling an item for $100 will receive $100 after settlement, with Triple A bearing any exchange-rate movement between the US and Singapore dollar.
The firms declined to name the merchants that will accept the new payment option, but said customers can use their stablecoins at both online and physical stores. Overseas customers with crypto wallets will also be able to transact at these stores.
HitPay chief executive Aditya Haripurkar said that Singapore’s merchants are always looking for ways to reach new customers without adding operational risk.
