Singaporeans have opted for stablecoin payments increasingly, hitting a record high of nearly $1 billion in the second quarter. According to a data from Chainalysis, the payments were led by transactions at merchant outlets.
On May 23, the SEC officially approved 19b-4 applications from VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy, and Bitwise for issuing spot Ether ETFs
“From stablecoins and central bank digital currencies (CBDCs) to purpose-bound money (PBM), the global stance on digital currency adoption is becoming increasingly clear — and Singapore is no exception,” Jason Tay, Head of Commercial at StraitsX,
The data showed that stablecoin usage in Singapore was significantly lower, with only $161 million worth of transactions in 2023.