Standard Chartered, DCS Card to enable stablecoin payments in SG

Standard Chartered has partnered with DCS Card Centre to support DeCard, a credit card that enables stablecoin payments at physical merchants in Singapore.

Under the agreement, Standard Chartered will provide transaction banking and financial market services for DeCard, including cardholder top-up processing, account management, and both fiat and stablecoin settlements.

The partnership also covers treasury, liquidity, and foreign exchange hedging for the card.

This collaboration is launching in Singapore, with potential expansion to other markets in the future.

Standard Chartered’s API and virtual account infrastructure will allow DCS to set up virtual accounts for DeCard users, making it easier to identify and reconcile payments.

🔗 Source: Standard Chartered

🧠 Food for thought

Implications, context, and why it matters.

MAS rules shape DeCard’s stablecoin use

DeCard is launching in Singapore to let cardholders pay merchants with stablecoins (cryptocurrencies designed to hold a steady value) under the Monetary Authority of Singapore (MAS), the central bank and financial regulator.

Using MAS-regulated stablecoins requires partners to hold 100% reserves in cash or short-term government debt, plus provide monthly independent attestation 1. Users must redeem within five business days, with assets kept in segregated custody at licensed financial institutions 1.
Only single-currency tokens pegged to the Singapore dollar (SGD) or G10 currencies issued solely in Singapore qualify for MAS recognition. Issuers must keep minimum base capital of S$1 million or 50% of annual operating expenses and cannot lend or stake 1.
If DeCard chooses non-MAS-regulated stablecoins, it falls under the digital payment token regime with weaker value stability rules, which could dent user confidence and merchant acceptance 2.

Merchant ops openings for outside providers

Singapore’s card payments hit SGD 141.9 billion in 2023 and will grow about 11.1% CAGR during 2024–2028 3.
Fintechs and payment service providers can build merchant reconciliation tools, add real-time foreign exchange (FX) hedging between stablecoins and SGD, plus plug in automated accounting links. These address gaps in business-to-business (B2B) payments, which remain less digitized in Singapore 4.
Providers can target big platforms as well as high-traffic uses. That includes ecommerce players like Shopee and Lazada, which reached SGD 11.51 billion in 2024, plus ride-hailing superapps like Grab that accept stablecoin payments 4.