Standard Chartered will partner with DCS Card Centre to support DeCard, a new card for spending stablecoins in the real economy. The partnership will set out in Singapore, with expansion to other key markets after that.
Standard Chartered will serve the demand for regulated stablecoin payments, as well as convenience through DeCard. The card brand tapped one of the biggest global banking institutions, which has spoken in favor of on-chain payments.
Singapore has already signaled demand for electronic payment solutions, bridging the gap between banking and crypto.
“This partnership is in line with our continued efforts to offer banking solutions for innovative Fintech partners and is central to our strategy of supporting clients in navigating the evolving digital assets space. Our investments in our platforms, capabilities and solutions allow us to be the trusted banking partner bridging TradFi to DeFi,” said Dhiraj Bajaj, Global Head of TB FI Sales at Standard Chartered.
Standard Chartered has spoken in favor of crypto adoption. The bank’s CEO Bill Winters has talked about of the possibility for moving all financial transactions on-chain.
Standard Chartered to offer banking settlement for crypto-based card
Standard Chartered will use its virtual account and API to partner with DCS and create virtual accounts for DeCard holders. The card will immediately verify and clear incoming payments across multiple channels. On the user side, the card will offer a seamless experience, even as multiple transactions are settled.
The bank will also handle all bank-side services and potentially connect to financial markets. The service will be regulated and limited to Singapore holders after the initial launch.
DeCard on its side will offer D-Vault for crypto settlement and payment tracking. The DCS club evolved from Diners Club Singapore, and will now grow into a next generation payment gateway. The card’s connection to Web3 will unlock additional incentives and experiences.
While stablecoins are growing more popular, finding reliable banking is still important. As crypto-friendly banks are still rare, Standard Chartered is boosting the adoption of crypto spending cards.
As the global stablecoin supply is now at a record of over $301B, cards remain one of the most convenient use cases, with added regulations and security.
DeCard focuses on stablecoins
DeCard continues to focus on stablecoins as a low-risk crypto ownership option. The card issuer has suggested stablecoin positions may be key in securing reserves, especially during market turbulence.
DeCard is one of the few card issuers to use Polygon, one of the earliest L2 chains that scale Ethereum interactions. The card issuer also expands its stablecoin selection, recently adding USDC and USDT. DeCard accounts are also linked to a Polygon wallet, allowing for direct balance recognition when owning stablecoins.
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Source: https://www.cryptopolitan.com/standard-chartered-decard-stablecoin/
