A growing number of Singapore businesses are taking digital currencies mainstream as payments platform HitPay joins forces with licensed crypto payment provider Triple-A to bring stablecoin transactions to local merchants.
The move positions stablecoins, cryptocurrencies pegged to fiat currencies like the US dollar, as a practical and compliant payment alternative for small and medium-sized enterprises (SMEs).
Through this partnership, more than 20,000 merchants on HitPay’s network can now accept stablecoins such as USDC, USDT, and PayPal USD from customers using crypto wallets.
Payments made in stablecoins are instantly converted into Singapore dollars at a fixed rate, ensuring merchants receive the full amount in fiat without being exposed to exchange-rate volatility.
Source: HitPay
Aditya Haripurkar, Chief Executive Officer of HitPay, said,
“By integrating stablecoin acceptance with instant fiat settlement, we’re helping businesses lower cross-border payment costs by up to 50 per cent and access faster, next-day settlements.”
He added that while Singapore’s local payment systems like PayNow serve domestic needs well, cross-border acceptance remains expensive and inefficient.
Both HitPay and Triple-A are regulated by the Monetary Authority of Singapore (MAS) as Major Payment Institutions (MPIs).
This ensures that the stablecoin payment system is fully compliant, offering merchants and consumers the same level of security as traditional financial systems.
Triple-A’s Chief Executive Officer, Eric Barbier, said the collaboration helps bridge the gap between digital and traditional finance.
“What we’re doing with HitPay is timely as Singapore was the first developed jurisdiction to introduce clear regulations for stablecoins and other digital currencies back in 2020 – several years ahead of Europe and the United States.”
Singapore’s appetite for digital payments is expanding rapidly.
A recent survey by the Singapore Business Review found that six in ten businesses in the country plan to accept cryptocurrency payments within the next two years.
Data from blockchain analytics firm Chainalysis also revealed that local merchant services received nearly US$1 billion (S$1.3 billion) in crypto payments in the second quarter of 2024 alone.
The adoption of stablecoins offers tangible benefits beyond convenience.
For businesses dealing with overseas customers or freelancers, digital currency transactions can be processed instantly and at significantly lower cost compared to traditional banking transfers.
Source: Triple A
Timothy Misir, managing editor of a media firm, shared his experience:
“The transfers settle instantly and cost next to nothing, which makes it hard to justify traditional payment rails anymore. It’s a clear example of how digital money already works better in practice, even if the broader system around it is still catching up.”
Stablecoin-enabled payments are gaining traction across various sectors in Singapore.
Local fashion label Charles & Keith accepts Bitcoin, Ethereum, and USDT, while Capella Singapore allows guests to pay in Bitcoin.
In September, crypto exchange OKX launched a feature allowing Grab Singapore users to pay merchants in stablecoins via OKX Pay, further signalling how quickly digital assets are entering the retail mainstream.
The HitPay–Triple-A partnership combines merchant acquisition, checkout integration, and instant conversion technology to deliver a seamless experience.
Merchants can activate stablecoin acceptance across online and in-store channels in minutes, with settlements and reconciliations processed just like any other payment.
From Coinlive’s perspective, this collaboration symbolises more than just a technical upgrade but Singapore’s evolving identity as a global payments hub.
By integrating stablecoins into regulated systems, the city-state is testing how digital money can work alongside institutional safeguards.
The real challenge lies not in consumer adoption, but in how quickly businesses, banks, and regulators align innovation with compliance.
Source: Triple A
Merging the convenience of stablecoins with the reliability of fiat settlements could accelerate a shift towards hybrid finance, reshaping how money moves in everyday commerce.
With clearer regulations and wider adoption, Singapore could soon become a model for integrating digital assets into traditional financial systems.
Stripe has launched a new feature allowing US businesses to accept recurring payments in stablecoins like USDC, USDP, and USDG across multiple blockchains. The system uses smart contracts for easier payments, supports over 400 wallets, and lets companies receive fiat settlements while managing subscriptions from their Stripe dashboard.
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