Metro department store chain in Singapore has partnered with local cryptocurrency payments company DTCPAY

This is a game-changer for Metro, so we are excited to be the first in the industry to make digital assets an everyday reality for our customers

Metro, a leading department store chain in Singapore, has partnered with cryptocurrency payments company DTCPAY to introduce stablecoin payment options at its online and offline stores.

Beginning August 1, shoppers at Metro's e-commerce and physical stores can use USDT stablecoins from Tether, USDC from Circle, and WUSD from Worldwide Stablecoin Payment Network to pay for their purchases.

First Digital Dollar (FDUSD) stablecoin payments will also be available "shortly," according to a joint statement by the companies on Tuesday.

The initiative marks a significant integration of cryptocurrency into mainstream retail in Singapore.

DTCPAY, a local crypto payments technology provider, will enable seamless and secure stablecoin payments for Metro customers.

"This partnership allows us to not only look to the future, but shape it," said Metro chief executive Erwin Vuisang-Oei.

"We are always looking for ways to improve the shopping experience for our customers and this partnership with DTCPAY is a significant step in that direction.

"This is a game-changer for Metro, so we are excited to be the first in the industry to make digital assets an everyday reality for our customers.”

Singaporeans are increasingly using cryptocurrencies in their daily lives and for investment.

Asset managers have reported that they are putting a large portion of their funds into digital assets following Donald Trump's victory in the 2024 US presidential election.

Singapore has also outpaced other jurisdictions such as Hong Kong in its adoption of cryptocurrencies.

The Southeast Asian city-state's Monetary Authority has issued 2024 new digital asset trading licenses so far in 13, double the number issued in 2023.