SINGAPORE – From buying a phone online to settling a bar tab at a nightclub, consumers and businesses seem to be more open to using cryptocurrency as a form of payment.
The first item Mr Yong Ming Yang paid for in cryptocurrency was a Web3 phone he bought online, in the first half of 2024.
The 26-year-old, who works in the technology sector, told The Straits Times that paying with crypto is cost effective and can be done in seconds, while one has to pay foreign exchange fees and wait one to three days for bank settlements in a normal international payment process.
So far, Mr Yong prefers stablecoins that are either USDC or USDT for overseas payments, and XSGD for products in Singapore.
USDC is issued by payments firm Circle and exchange Coinbase, USDT is issued by blockchain platform Tether, and XSGD is issued by payments firm StraitsX.
“These are assets that are most likely to retain value and easiest to off-ramp (be converted into fiat),” Mr Yong said of his picks.
He is among a…
