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Singaporean department store chain Metro will allow its customers to make stablecoin payments both in physical stores and online at Metro Mall. According to a local publication, the Metro department store in Singapore has teamed up with Singaporean crypto payments firm DTCPAY to enable stablecoin payments using assets like Tether’s USDT, Circle’s USDC, and Worldwide Stablecoin Payment Network’s WUSD. Soon, they’ll also support payments using the First Digital Dollar Stablecoin (FDUSD). Metro’s COO, Erwin Wuysang-Oei, described the partnership as a step toward keeping up with the evolving retail landscape. He emphasized that by accepting stablecoin payments, Metro is “not only embracing the future but shaping it.” “This is a transformative moment for Metro, and we are excited to lead the industry in making digital assets a viable everyday reality for our customers,” Wuysang-Oei added. The latest partnership follows DTCPAY’s decision to switch exclusively to stablecoins for payments in 2025 after it decided to drop Bitcoin (BTC) and Ethereum (ETH) back in January. At the time, the company said the decision would allow it to offer a “more reliable, scalable, and secure payment experience.” You might also like: Robinhood aims to launch crypto offerings in Singapore by late 2025 Meanwhile, Singaporeans have increasingly warmed up to crypto, making digital assets a bigger part of daily life and investments. As previously covered by crypto.news, Singaporean wealth managers have reported allocating larger portions of their portfolios to digital assets, especially since President Donald Trump’s victory in the 2024 U.S. elections. At the time, Sygnum Bank CEO Gerald Goh said locals were “more positive about incorporating crypto investments as part of their investment portfolios.” Singapore has also pulled ahead of other jurisdictions, like Hong Kong, when it comes to crypto adoption. Throughout 2024, the Monetary Authority of Singapore granted 13 new crypto licenses, doubling numbers recorded the previous year. In comparison, Hong Kong lagged behind due to an overly restrictive regulatory framework. Read more: Rich Asian investors drive fresh Trump-fuelled crypto boom in Singapore

Metro becomes Singapore’s first department store to accept stablecoin payments. Stablecoin transactions in Singapore hit nearly $1 billion in Q2 2024, signaling growing demand. Experts discuss stablecoins as a faster, cost-effective alternative to traditional payment systems. Metro Departmental Store in Singapore has announced it will be the first store in the nation-state to start accepting payments in stablecoins. Starting now, customers can pay with Tether (USDT), USDC, and WUSD in stores and online. According to a report noted by media outlet Lianhe Zaobao, Metro will also soon support payments in First Digital USD (FDUSD). Metro Embraces Crypto Payments for Retail Innovation Metro’s decision to accept stablecoins comes after a partnership with crypto payment company dtcpay. According to Erwin Wuysang-Oei, the COO of Metro Department Store, this collaboration aims to position Metro at the forefront of retail innovation. Additionally, he noted that by adopting stablecoin payments, Metro is not just preparing for the future but actively shaping it. Moreover, Metro’s partnership with dtcpay will enable it to meet the needs of tech-savvy consu… The post Metro Departmenetal Store Chain Goes Crypto: Stablecoin Payments in Singapore Debuts appeared first on Coin Edition.

GameStop has responded to a letter from Strive Asset Management urging the gaming retailer to add Bitcoin to its balance sheet. GameStop CEO Ryan Cohen confirmed in a Tuesday post on X that he had received a letter from Strive CEO Matt Cole, recommending that the gaming retailer and meme stock sensation from the pandemic era use roughly $5 billion of its cash reserves to buy Bitcoin and use market offerings to finance more BTC purchases. “We believe GameStop has an incredible opportunity to transform its financial future by becoming the premier Bitcoin treasury company in the gaming sector,” Cole said in the letter dated Feb. 24. GameStop Chairman and CEO Ryan Cohen said, “Letter received” on the X platform on February 25 without elaborating further. As per the proposal, Strive’s customers hold shares of GameStop via the asset management’s exchange-traded funds (ETFs), giving the company “a fiduciary responsibility and vested interest” in the success of GameStop. Cole argues that Bitcoin is a superior alternative to holding cash as the crypto is an inflation hedge in terms of outpacing monetary debasement. Strive’s CEO suggests GameStop should focus on Bitcoin and avoid other cryptocurrencies, calling the benchmark crypto the “only true store of value” among digital assets. Cole cautioned that speculative investments in alternative tokens could jeopardize financial stability, citing GameStop’s failed non-fungible token marketplace as a prime example of the risks of expanding into unproven digital assets. Instead, he believes that a Bitcoin-only approach would strengthen GameStop’s image as a “disciplined, forward-looking organization” while safeguarding long-term shareholder returns. Strive proposed that GameStop raise additional capital via at-the-market stock offerings and convertible debt securities to purchase more Bitcoin. He also said that Bitcoin’s scarcity and growing institutional adoption position it as a long-term hedge against inflation and a “true savings asset.” Cole’s proposal follows a report earlier this month that GameStop was considering investing in Bitcoin and alternative asset classes. Notably, Gamestop’s acknowledgment of Strive’s letter comes as Bitcoin trades below $90,000, down from a peak of over $108,786 in January. Broadly, the crypto market has endured intense volatility, with a recent $1.5 billion hack on the Bybit crypto exchange exacerbating the already dire situation. As of press time, it’s unclear whether or not GameStop intends to heed Strive’s proposal.

U.S.-based spot Bitcoin exchange-traded funds (ETFs) recorded their biggest yet daily outflow as investor sentiment turned sour after Tuesday’s market bloodbath, with investors retreating from risk assets in dealing with increasing macroeconomic concerns after President Donald Trump’s tariff threats against Mexico and Canada. Bitcoin ETFs Lose Over $1 Billion In One Day The nearly a dozen spot Bitcoin exchange-traded funds on Feb. 25 suffered a combined net outflow of $1.01 billion in what is their sixth consecutive trading day of bleeding. Fidelity Wise Origin Bitcoin Fund (FBTC) led the exodus on Tuesday with $345 million, followed by $164.3 million outflows from BlackRock’s iShares Bitcoin Trust (IBIT), as per data from SoSoValue. Meanwhile, Valkyrie’s BRRR and Bitwise’s BITB lost $100 million and $88.3 million, respectively. Franklin Templeton’s EZBC logged outflows of $74 million, with Grayscale’s GBTC and Invesco’s BTCO saw outflows of $66 million and $62 million respectively. Grayscale’s GBTC, Franklin Templeton’s EZBC, and Invesco’s BTCO also posted sizable net outflows yesterday. The recent intense selling edged past the previous record-high outflow on Dec. 19, when the spot BTC ETFs saw $671.9 million in withdrawals after the price of Bitcoin plunged below $97,000 from its then-all-time high of around $108K. Broader Market Downturn Bitcoin touched a low of $86,000 on Tuesday, its lowest level since November. Although the top crypto has slightly rebounded to around $88,658 as of press time, it remains down 7% over the past week, per CoinGecko. Ethereum (ETH) and other major altcoins, such as Ripple’s XRP and Solana, suffered even steeper price declines. The global crypto market capitalization has declined 2.9% over the last 24 hours. The Crypto Fear and Greed Index, a measure of traders’ sentiment, has dropped from a score of 25 to 21 today, remaining in the “extreme fear” zone. Nevertheless, ETF Store President Nate Geraci stated in a Feb. 26 X post that he was “still amazed at how much TradFi hates Bitcoin and crypto.” “Huge victory laps at every downturn,” he added. “Hate to break it to you, but no matter how big drawdowns are, it’s not going away.”