The banking giant will provide transaction banking and financial markets services to support DeCard users in Singapore.
Crypto News
Standard Chartered has partnered with DCS Card Centre to enable real-world spending through DeCard, a credit card that processes stablecoin transactions for everyday purchases.
The banking giant will provide transaction banking and financial markets services to support DeCard users in Singapore. Services include cardholder top-up processing, account management, and both fiat and stablecoin settlements, according to the bank’s Tuesday statement.
DeCard allows users to spend stablecoins like USDC and USDT through traditional credit card infrastructure while managing balances through its D-Vault account system. The card functions similarly to conventional credit cards but settles transactions using digital assets.
Standard Chartered's virtual account and API connectivity will enable DCS to identify and reconcile DeCard cardholder payments across multiple channels. The partnership launches first in Singapore with plans to expand into other key markets, the bank confirmed.
"Standard Chartered's banking expertise and robust infrastructure enable us to bring secure, transparent, and efficient stablecoin payments to the mainstream, setting a new benchmark for how digital assets can be used responsibly in everyday life," said Joan Han, chief commercial officer at DCS.
DCS Card Centre, formerly known as Diners Club Singapore, brings over 50 years of card-issuing experience to the partnership. The company has transitioned from traditional payment services into a global payments provider focused on Web3 innovation.
Singapore has positioned itself as a hub for regulated crypto assets through comprehensive regulatory frameworks. The Monetary Authority of Singapore classifies stablecoins as "digital payment tokens" under the Payment Services Act and introduced a separate framework in August 2023 for single-currency stablecoins pegged to the Singapore dollar or major currencies.
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