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The online store of a Singapore-based subsidiary of Japanese tech behemoth Sony is now accepting USDC payments through Crypto.com.
According to an April 2 announcement, Sony Electronics Singapore now accepts USDC (USDC) stablecoin payments through an integration with the Crypto.com exchange. Crypto.com Singapore general manager Chin Tah Ang said:
The Sony subsidiary is not the only high-profile partnership Crypto.com is involved in. At the end of 2024, the mobile-first crypto exchange partnered with Deutsche Bank to provide corporate banking services across Asian-Pacific markets, covering regions such as Singapore, Australia and Hong Kong.
Related: CFTC mulling probe of Crypto.com over Super Bowl contracts: Report
Singapore bets on stablecoins
Still, the Singaporean Sony subsidiary allowing stablecoin payments may be the start of a new trend in the region. Late February reports indicated that Metro, a publicly listed department store chain in Singapore, had enabled its customers to pay for products using stablecoins like Tether’s USDt.
The initiatives also follow January reports that Singapore is becoming a key destination for Web3 companies after it issued twice as many crypto licenses in 2024 as the previous year. William Croisettier, chief growth officer of ZKcandy, told Cointelegraph at the time:
Related: Singapore Exchange to list Bitcoin futures in H2 2025: Report
An emerging crypto hub
In late November, the crypto-friendly digital bank Singapore Gulf Bank reportedly sought a fund injection of at least $50 million as it planned to acquire a stablecoin payments company in 2025. The firm was motivated to pursue the effort, with plans to sell up to 10% of its equity to fund it.
A study published at the end of 2024 revealed that its approach to regulation has made Singapore a global champion of blockchain technology. The country scored highest among all considered jurisdictions based on multiple factors.
The top blockchain jurisdictions ranked based on patents, jobs, and exchanges. Source: ApeX Protocol
Magazine: Singapore ‘not ready’ for Bitcoin ETFs, sneaky crypto mining rig importer: Asia Express
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