Hold onto your digital wallets, Singaporean Sony fans: you can now snag a new pair of headphones or that PlayStation 5 usingCircle’s USDC stablecoin at Sony Electronics’ Singapore online store.
This crypto payment option comes courtesy of a partnership between Sony Electronics’ Singapore (SES) and cryptocurrency exchange Crypto.com, announced on Wednesday. Crypto.com, headquartered in Singapore, obtained a Digital Payment Token (DPT) license in June 2023, which paved the way for them to provide crypto payment services within the city-state.
For those still wrapping their heads around crypto concepts, stablecoins like USDC are designed to keep a steady value by being pegged to traditional assets, in this case, the U.S. dollar. USDC is currently the second-largest dollar-backed stablecoin, just behind Tether’s USDT.