SBI Invests in Singapore's Dtcpay to Scale Stablecoin Payments Across Asia
SBI Group has invested in Singapore-based Dtcpay as part of its effort to expand stablecoin merchant networks and product suites across Asia. The investment, which comes through two Singapore vehicles managed by SBI, brings the total Series A funding for Dtcpay to $25 million.
The fresh capital will support Dtcpay's growth in the number of merchants it serves, as well as its business portal, consumer app features, and entry into additional regulated markets. The company is working towards making stablecoin payments 'as seamless and trusted as traditional payment rails,' according to Group Chairman Band Zhao.
Dtcpay allows businesses to accept, store, and transact in stablecoins and fiat through a real-time swap engine that exchanges and settles the two forms of value. This enables merchants to reduce their exposure to price swings common among unpegged cryptocurrencies. The company has integrated with Walletconnect, a decentralized network linking digital wallets with applications, enabling stablecoin acceptance across more than 700 wallets.
The partnership between Dtcpay and SBI is part of the Japanese conglomerate's regional strategy, which involves linking Japanese capital with Southeast Asian digital asset infrastructure and regulated platforms. Singapore has become a central hub in this effort, with Dtcpay holding a payment license from the Monetary Authority of Singapore (MAS).