Cryptocurrencies
Payments in Singapore With Stablecoins Rise to Almost $1 Billion
- Digital-asset consultancy Chainalysis releases a crypto study
- Stablecoin usage remains a small fraction of overall payments
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Payments in Singapore using stablecoins reached a record high of almost $1 billion in the second quarter, led by transactions at merchant outlets, according to a report from Chainalysis.
Businesses use the tokens because of “efficiency and low cost,” Chainalysis Cybercrimes Research Lead Eric Jardine said. Stablecoin payments in Singapore amounted to about $161 million in the second half of 2023, the study showed.