Stablecoin Payments Take a Leap in Singapore with New Bank Partnership

TLDR

• Standard Chartered has partnered with DCS Card Centre to support stablecoin payments through DeCard in Singapore.
• The partnership aims to offer a seamless experience for users by enabling stablecoin transactions with regulatory backing.
• Standard Chartered will handle virtual accounts and API services for DeCard holders to process payments across multiple channels.
• DeCard will use Polygon blockchain and support USDC and USDT stablecoins for secure crypto transactions.
• The initial launch will be limited to Singapore, with plans to expand the service to other key markets.

Standard Chartered has partnered with DCS Card Centre to support DeCard, a new card designed for stablecoin payments in the real economy. The collaboration will launch in Singapore, with plans for future expansion to other key markets. This partnership aims to offer seamless stablecoin payments through DeCard, providing convenience to users in regulated environments.

Standard Chartered’s Role in Stablecoin Payments

Standard Chartered will manage the regulated stablecoin payments through its virtual account and API infrastructure. The bank will create virtual accounts for DeCard holders to enable the card’s users to verify and clear incoming payments.

The bank has been an advocate for crypto adoption and sees value in bridging traditional finance with decentralized finance (DeFi). Bill Winters, the CEO of Standard Chartered, has expressed interest in moving all financial transactions on-chain. By leveraging its existing platforms, Standard Chartered can enable smoother stablecoin payments in the market.

DeCard Plans Next-Gen Payment Gateway with Polygon

DeCard will offer stablecoin payments using its D-Vault service for crypto settlement and payment tracking. The card will integrate with the Polygon blockchain, enabling users to hold USDC and USDT stablecoins directly in their Polygon wallet. As part of this collaboration, DeCard’s stablecoin selection will continue to grow, offering more options for users.

The card issuer also aims to provide additional incentives and experiences for users, thanks to its connection with Web3. DeCard plans to establish a next-generation payment gateway by building on the foundation laid by Diners Club Singapore. This move will help DeCard become a key player in stablecoin payments while providing users with a seamless experience.

In addition to its blockchain integration, the card will ensure that all transactions are processed smoothly. By using blockchain technology, the system can settle multiple transactions quickly and securely. With DeCard’s focus on stablecoins, users can rely on a low-risk crypto ownership option, especially during market fluctuations.

Expansion Plans and Future Developments

DeCard and Standard Chartered have committed to expanding their stablecoin payment services after the initial launch in Singapore. As stablecoin adoption grows globally, the need for reliable banking infrastructure becomes more pressing. Through this partnership, Standard Chartered aims to enhance crypto-friendly banking solutions and support growing demand for stablecoin payments.

The card will initially be limited to Singapore holders, with plans to expand to other markets. By offering a regulated and secure way to spend stablecoins, DeCard and Standard Chartered hope to drive the wider adoption of stablecoin payments. Their joint efforts are expected to set a new precedent for crypto-based financial products in traditional banking systems.

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