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BitGo Singapore and dtcpay team up on custody-backed stablecoin payments
BitGo Singapore's MAS-licensed cold storage will underpin dtcpay's stablecoin payment network, shifting settlement away from hot wallets. The deal follows dtcpay's pivot from Bitcoin and Ethereum to stablecoins for merchant payments.
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BitGo Singapore and dtcpay announced a partnership Tuesday that will put regulated cold storage under dtcpay’s stablecoin payment network. Financial terms were not disclosed.
dtcpay, a Singapore-based payment firm, shifted to stablecoins earlier this year, dropping Bitcoin and Ethereum support. The company has already signed a retail deal with Singapore department store chain Metro to accept USDT, USDC, and WUSD payments, with plans to add FDUSD. A 2024 Triple-A survey showed 26% of Singapore adults own crypto and 52% of those holders have used digital assets for payments.
BitGo Singapore holds a Major Payment Institution license from the Monetary Authority of Singapore covering both Digital Payment Token Service and Cross-border Money Transfer Service. The firm stores digital assets in offline, insured, and audited cold storage. Settlement happens directly from that vault, eliminating the need for hot wallets or third-party exchange custody. For dtcpay, that means every stablecoin transaction moves through regulated custody without exposing user funds to exchange risk.