Metro Departmental Store jumped on the Crypto adoption bandwagon, and with this, it became the first local department store that supports crypto payment.
Summary
- Metro Singapore Store partnered with a crypto payment firm.
- With the help of new partner, Metro Store will accept stablecoins payments.
- Stablecoins adoption surging rapidly in the Fintech sector.
Metro is a top department store network in Singapore. This store chain was established in 1957. This chain mainly operates two major outlets: Metro Paragon, located at 290 Orchard Road, and Metro Woodlands at Causeway Point. The store offers a wide range of products, including cosmetics, apparel, and fashion accessories.
On 25 Feb 2025, Local media reports confirmed that Metro Store entered into a new partnership with cryptocurrency payment company dtcpay.
Under this partnership, the Metro Singapore Store will accept stablecoins payments.
The company believes that such decisions toward the crypto & Blockchain technology adoption in the payment system will unlock a new payment solution for tech-savvy shoppers, in the retail industry.
With this step, the Singapore Store became the first store to accept crypto payments at the local level in the retail market.
Here, people need to know that the company will accept only stablecoins like USDT and USDC, not crypto assets. Meaning they are away from the volatile nature of cryptocurrencies.
Stablecoins Help Crypto Payment Adoption
Stablecoins are playing a very vital role in pushing the adoption of cryptocurrencies in the regular payment environment, just like traditional payments.
Since its inception, cryptocurrencies have been criticized by the critics for their volatile nature. However, currently, many crypto payment firms provide crypto-fiat Integrated crypto payment services, but crypto users don’t show regular open support for crypto payments because of the volatile nature of cryptocurrencies.
Thanks to the popularity & scaling of stablecoins, which are helping crypto payment services without any tension around price volatility.
Over the years, the financial regulators showed a significant inclination toward stablecoin businesses and also showed interest in developing stablecoins like tokens to modernize the existing payment system, to make it more efficient & faster.
Regulators’ inclination toward stablecoins not only helps to push for blockchain technology adoption but also creates clear rules & paths for new companies to enter the stablecoin business.
For instance, we can see that PayPal wisely launched its stablecoins ($PYUSD) on the Ethereum & Solana network, without spending money for running any kind of payment infrastructure.
Recently PayPal announced its plan to integrate its stablecoin into more products this year. With new plans, they’re focused on meeting all the basic needs of merchants to go through a single payment platform. Also, PayPal is planning to introduce PYUSD as an option for global payments through Hyperwallet, and it is expected that this plan will come to life in the first half of this year.
All these things show that Crypto’s fundamental technology, which is blockchain, is now playing a vital role in the revolution in the traditional digital financial system.
Read also: American Securities Regulatory Body Drops Uniswap Lawsuit
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