Singapore-based stablecoin payments firm dtcpay has closed a US$25 million Series A round, adding fresh capital as it expands merchant acceptance tools and cross-border settlement products across Asia and Europe.
The funding follows an April 2026 tranche led by Vertex Ventures Southeast Asia & India and includes a follow-on investment from Japan’s SBI Group. SBI participated through SBI Ventures Asset Pte Ltd and the SBI-NTU-Kyobo Digital Innovation Fund, according to dtcpay. Genedant Capital and existing backer Kwee Liong Tek also joined the round.
dtcpay said it will use the proceeds through the second half of 2026 to grow its merchant network, upgrade its enterprise business portal and add functions to its consumer application. The company did not disclose its valuation, ownership changes, or detailed allocation of the US$25 million.
The round places a regulated Singapore payments company among the businesses attempting to turn stablecoins from a trading and settlement asset into a routine payment option for merchants, corporate clients and card users. dtcpay operates as a Major Payment Institution licensed by the Monetary Authority of Singapore, a status that permits it to provide specified payment services subject to regulatory requirements and transaction limits set by the authority.
Funding supports stablecoin payment infrastructure
Founded by Alice Liu and Band Zhao, dtcpay provides infrastructure for businesses and users to accept, store and transact in stablecoins. Its platform includes a real-time swap engine designed to convert between stablecoins and fiat currencies during payment and settlement flows.
That model targets a practical obstacle for merchants: many businesses may be willing to accept a stablecoin payment, but prefer to receive local currency rather than retain exposure to a digital asset. A conversion layer could allow stablecoin-funded transactions while settling the merchant in fiat, though dtcpay has not released figures on settlement volumes, conversion costs or merchant usage.
The company frames its services as an alternative to conventional international transfers, which can pass through several correspondent banks before reaching the recipient. dtcpay said SWIFT-based and correspondent-banking payments may take multiple days and incur fees from intermediary institutions. Stablecoin settlement can potentially shorten that process where both sides can use compliant digital-asset payment rails, although local currency conversion, compliance checks and banking access remain part of the transaction chain.
SBI’s participation adds a financial-services group with businesses spanning securities, banking, insurance, asset management, private equity and crypto-assets. SBI said its Singapore subsidiary, SBI Ven Capital, manages the SBI-NTU-Kyobo Digital Innovation Fund, which launched in 2022 to back early-stage digital transformation and platform companies in Southeast Asia.
Genedant Capital described itself as a Singapore-based fund management firm licensed by the Monetary Authority of Singapore. The firm said it has more than US$2 billion in assets under management and advisory, and operates across private equity, venture capital, public markets and tailored investment mandates.
Merchant acceptance moves from pilots to retail locations
dtcpay has built a point-of-sale product for in-store payments using Digital Payment Tokens, the term used in Singapore’s regulatory framework for cryptocurrencies and similar digital assets. The company said the product enables merchants to accept stablecoin payments at physical checkout locations.
Its reported merchant integrations include Metro, which dtcpay said became Singapore’s first department store to accept stablecoin payments through its system. The company also named Capella Singapore and other selected hospitality partners as users of its payment infrastructure.
Such launches test whether stablecoin payments can fit into conventional retail operations, where checkout speed, refunds, currency conversion and accounting are often more relevant to merchants than the underlying blockchain. Merchant acceptance announcements alone do not establish recurring consumer demand, and dtcpay did not provide transaction counts, payment values, active merchant totals or data on repeat usage at Metro or its hospitality locations.
The company has also partnered with BNB Chain, though it did not specify which stablecoins, transaction routes or technical components are used across each merchant arrangement. Those details can shape the cost and speed of payments, as well as the regulatory and operational requirements faced by merchants.
Wallet and card products widen consumer access
Beyond direct merchant checkout, dtcpay said it integrated with WalletConnect, a connection standard used by crypto wallets and decentralized applications. The company said the integration extends payment acceptance to more than 700 wallets used by millions of consumers globally.
Wallet compatibility can reduce friction for customers who already hold stablecoins in self-custody or third-party wallets. It also creates a different user experience from a conventional card payment: consumers must choose a supported wallet, hold an accepted asset and approve the transaction through the wallet interface.
dtcpay also said its partnership with Visa produced a stablecoin-to-fiat Visa Infinite card for the region. According to the company, the card allows users to spend across fiat currencies and stablecoins at more than 150 million merchant locations worldwide.
The card route gives stablecoin holders access to existing Visa acceptance rather than requiring every merchant to adopt a separate crypto payment terminal. In practice, the issuer or payment provider would handle the conversion from digital assets into fiat currency before the merchant receives settlement, preserving the familiar card-network experience for retailers.
Licensing footprint shapes expansion plans
dtcpay said it holds an Electronic Money Institution license in Luxembourg, placing it among a limited number of digital-payment firms with that authorization. The company described the license as supporting its operations across Singapore and Europe.
It also said it holds licenses and registrations in Hong Kong, Australia, the United States and Canada. Requirements vary substantially by jurisdiction, particularly for stablecoin custody, money transmission, customer verification and cross-border transfers. A multi-market licensing strategy could give dtcpay a route to serve businesses operating across several regulated payment markets, while requiring the company to maintain compliance frameworks suited to each one.
The Series A gives dtcpay capital to develop that regulated distribution network rather than relying solely on partnerships or retail token activity. Its next test will be whether its merchant terminals, wallet connections and Visa-linked products generate payment volumes that justify the infrastructure buildout and persuade more businesses to offer stablecoin settlement alongside conventional payment methods.
For deeper context on regional regulation and stablecoins, explore stablecoins in Asia today and their growing role.
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