Singapore’s cryptocurrency industry has experienced a surge in activity, highlighted by key partnerships and initiatives in the areas of payments, stablecoins, and efforts to combat crypto-related crime. The developments come ahead of major crypto events such as Token2049 and the Stablecoin Summit, drawing attention to the city-state’s growing role in the global digital currency ecosystem.
On September 17, local cryptocurrency payment firm Triple-A announced a significant partnership with DCS Card Centre, allowing cardholders to top up their virtual accounts using five digital assets: Bitcoin, Ether, Tether (USDT), USD Coin (USDC), and PayPal USD. Triple-A noted that with over half a billion cryptocurrency owners worldwide and 24.4% of Singapore’s population holding digital currencies, the demand for crypto payment options continues to rise.
Earlier this year, ride-hailing giant Grab made headlines by introducing digital currency top-ups through a collaboration with Triple-A. Now, rival ride-hailing platform Tada has partnered with The Open Network (TON) Foundation to enable passengers to pay for rides using digital assets. The new service, dubbed Tada Mini, integrates with the messaging app Telegram, allowing users to book rides directly within the platform. Although TON maintains its independence from Telegram, it benefits from the app’s vast user base of 900 million monthly active users.
Meanwhile, Standard Chartered’s fintech arm, SC Ventures, revealed on September 17 that it had made a strategic investment in One Trading, a European crypto-asset exchange. Although the financial terms of the deal were not disclosed, One Trading plans to use the funding to launch the first crypto perpetual futures in the European Union, compliant with the region’s regulatory standards.
In another significant development, Circle, a global payment firm, announced its collaboration with Sony Block Solutions Labs on September 16. This partnership aims to integrate a bridged version of stablecoin USDC as the primary token on the Soneium blockchain, a public blockchain developed by Sony’s Singapore-based subsidiary, Sony Block Solutions Labs. The move is expected to pave the way for the eventual upgrade of USDC to its native version on the Soneium platform.
Efforts to combat crypto-related crime have also ramped up. On September 10, blockchain intelligence firm TRM Labs joined forces with Tron and Tether to establish the T3 financial crime unit. This unit focuses on fostering public-private collaboration to tackle illicit activities associated with the use of USDT on the Tron blockchain. Within weeks of its launch, the initiative has already assisted law enforcement in freezing more than USDT 12 million linked to blackmail scams and investment fraud cases. Authorities are aware of at least 11 victims and expect more to be identified as investigations continue.
TRM Labs said it will continue to work with Tron and Tether to identify suspicious transactions related to illegal activities such as terrorism, sanctions evasion, hacking, and fraud. This collaboration underscores the ongoing efforts to ensure the security and legitimacy of cryptocurrency transactions in Singapore and beyond.
In addition, Singapore-based analytics platform Nansen, known for providing insights across more than 20 blockchains, announced the acquisition of staking service provider StakeWithUs, which is backed by SGInnovate, a government-owned innovation platform. This acquisition, announced on September 10, is expected to enhance Nansen’s service offerings for both retail and institutional participants, further strengthening Singapore’s position as a hub for blockchain innovation.
As Singapore continues to witness a flurry of crypto-related activity, these developments reflect the nation’s growing influence in the global digital currency space. With strategic tie-ups and initiatives aimed at fostering innovation and security, Singapore is positioning itself as a key player in the rapidly evolving cryptocurrency landscape.
