U.S. Analytic Site: Singapore Merchants Took SGD 1.3B in Crypto Payments in Q2

In the second quarter of this year, Singapore merchants received nearly USD 1 billion (about SGD 1.3 billion) in cryptocurrency payments—higher than any quarter in the past two years.

A report released Wednesday (Sept 11) by U.S. blockchain analytics platform Chainalysis said that Singapore is seeing a growing trend of accepting cryptocurrency as a payment method. For example, Singapore-based crypto payments startup dtcpay enables merchants to accept cryptocurrency, and Grab has also begun allowing users to top up their digital wallets using crypto.

The report noted that this trend is particularly interesting for Singapore, where retail payment systems are already well developed.

According to the report, the rise is driven largely by the adoption of stablecoins. Stablecoins are cryptocurrencies pegged to fiat currencies or other stable assets, designed to reduce price volatility and provide a more reliable medium for transactions and value storage.

Among transfers involving XSGD, the stablecoin issued by StraitsX, 75% of transactions during the study period (from Q3 2022 to Q2 2024) were US$1 million or below, and 25% were under USD 10,000—indicating a strong foundation of retail activity. Since Q3 2022, XSGD transfer volumes have remained steady, with most quarters exceeding US$200 million in activity.

The report also highlighted a shift in Singapore’s crypto market: previously dominated by institutional investors, it has seen growing transaction activity from retail and professional investors in recent years.

According to the report, this trend may be linked to favourable market conditions, as well as increased confidence among retail and professional investors following the Singapore government’s strengthened consumer protection regulations.

The report concludes that with clear regulatory frameworks and growing merchant adoption, Singapore is on track to become a major digital asset hub, ultimately attracting more global companies and investors.

今年第二季，新加坡商家收到以加密货币付款总值近10亿美元（约13亿新元），高于过去两年的任何一个季度。   美国区块链分析平台Chainalysis星期三（9月11日）发布的报告说，新加坡接受加密货币为支付方法有日益增加的趋势。例如，新加坡加密货币支付起步公司Dtcpay就让商家接受加密货币。

此外，Grab也开始允许用户以加密货币为数码钱包充值。   报告指出，对于零售支付系统已完善的新加坡来说，这个趋势相当有趣。   报告指出，这个趋势主要由稳定币的采纳带动。稳定币（stablecoin）是一种与法定货币或其他稳定资产挂钩的加密货币，旨在减少价格波动，提供更稳定的价值存储和交易方式。  

在2022年第三季至今年第二季调查期间，由StraitsX发行的稳定币XSGD的转账金额，75%在100万美元或以下，25%的转账金额在1万美元以下，显现强大零售活动基础。 自2022年第三季开始，XSGD的转账额保持稳定，多数季度的活动金额超过2亿美元。   报告也指出，过去几年，一向由机构投资者主导的新加坡加密货币市场正出现改变， 零售和专业投资者的转账规模逐年增加。  

报告说，这一趋势或与市场情况利好有关。此外，新加坡政府增加保护消费者条例的监管努力，给了零售和专业投资和更大的信心进入市场。   由于市场有明确的监管条例、加上商家也逐步采纳，报告指这些趋势预示新加坡有望成为数码资产主要枢纽，最终吸引更多全球企业和投资者。

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