"PayFi: Stablecoin Payments Driving New Consumption Trends and Interoperability” - Powered by Circle
Key highlights
Next Generation Payments:
- Historical evolution from card terminals to SGQR for cashless payments.
- Rapid adoption of Stablecoin payments due to customer demand.
- Highlighted the concept of Purpose Bound Money, used in government initiatives.
- Payments in Singapore using stablecoins reached a record high of almost US$1 billion in the second quarter of 2024, led by transactions at merchant outlets, according to a report from Chainalysis.
- Traditional limitations with SWIFT network (e.g. processing time required and does not operate on non-working days and after-banking hours)
- Stablecoins enable 24/7/365 settlements, crucial for businesses needing immediate payment.
- Growing adoption among businesses due to cost-efficiency and faster settlements.
- Increasing regulation in countries such as Singapore ensuring compliance and security in stablecoin transactions.
- Singapore leads in stablecoin regulations, influencing other regions like Hong Kong, UAE, Japan, Europe, and potentially the U.S.
- Circle holds licenses across multiple jurisdictions.
- Stablecoins driving innovations in treasury solutions, FX solutions.
Conclusion:
The adoption of stablecoin payments is ushering in a new era of consumption trends and enhancing interoperability. This transformation in the payment landscape not only improves efficiency but also provides consumers with greater flexibility in their transactions.
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Speakers:
- Boyd Wentworth-Sheilds, Business Development Director, APAC, Circle
- Louis Liu, Founder & Chief Executive Officer, FOMO Pay