Metro, the renowned department store chain in Singapore, is set to revolutionize retail by accepting stablecoin payments in both physical locations and its online store, Metro Mall.
In a strategic partnership with a local crypto payments provider, Metro will facilitate stablecoin transactions using popular digital currencies such as Tether’s USDT, Circle’s USDC, and Worldwide Stablecoin Payment Network’s WUSD. Additionally, support for the First Digital Dollar Stablecoin (FDUSD) will soon be available.
Metro’s COO highlighted this initiative as a pivotal move in adapting to the rapidly changing retail environment, stating that by integrating stablecoin payments, Metro is “not only embracing the future but shaping it.”
“This is a transformative moment for Metro, and we are excited to lead the industry in making digital assets a viable everyday reality for our customers,” the COO emphasized.
This development coincides with the payments firm’s plan to transition exclusively to stablecoins for transactions by 2025, moving away from Bitcoin (BTC) and Ethereum (ETH) to provide a “more reliable, scalable, and secure payment experience.”
The growing acceptance of cryptocurrency in Singapore reflects a shifting attitude among the population, with digital assets increasingly embedded in daily life and investment strategies.
Reportedly, local wealth managers are allocating larger portions of client portfolios to digital assets, particularly in light of recent market trends. Experts note a generally more favorable outlook toward crypto investments among Singaporeans.
Singapore is emerging as a leader in crypto adoption, outpacing other regions like Hong Kong by significantly increasing its number of crypto licenses issued. The Monetary Authority of Singapore granted 13 new licenses in 2024, doubling the previous year’s figures, while Hong Kong continues to struggle under restrictive regulations.
