A consortium comprising Standard Chartered bank and DCS Card Centre has launched the DeCard. This financial product allows individuals to make everyday purchases using stablecoins. The initiative begins its operations in Singapore.
The mechanism connects users’ digital assets with traditional credit card networks. People can pay at any merchant that accepts credit cards. The system processes transactions without the need for slow conversions between the stablecoin and fiat currency.
“This partnership is in line with our continued efforts to offer banking solutions for innovative Fintech partners and is central to our strategy of supporting clients in navigating the evolving digital assets space. Our investments in our platforms, capabilities and solutions allow us to be the trusted banking partner bridging TradFi to DeFi,” said Dhiraj Bajaj, Global Head of TB FI Sales at Standard Chartered.
Standard Chartered provides its banking infrastructure for the project. The bank handles account management, liquidity, and payment settlement. Furthermore, its virtual account system and API connectivity assist DCS in identifying and reconciling each user’s operations accurately.
Partnership Expands Access to Financial Services
DCS Card Centre, formerly Diners Club Singapore, brings fifty years of experience in card issuance. The company now focuses on developing innovations for the Web3 sector that comply with regulatory standards.
DeCard acts as a bridge between the conventional financial system and the world of decentralized finance. The card enables the use of stablecoins within a regulated framework.
“We’re thrilled to partner with Standard Chartered, a globally recognised and trusted financial institution, to power the next chapter of DeCard’s growth,” said Joan Han, Chief Operating Officer, DCS. “Their 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.”
Singapore serves as the initial location for this pilot phase. The Monetary Authority of Singapore regulates stablecoins under the Payment Services Act. The partners plan to expand DeCard’s availability to other international markets following the launch in Singapore. The project marks a concrete step in integrating stablecoins into mainstream retail payments globally.
The information presented in this article is for informational purposes only and should not be interpreted as investment advice. The cryptocurrency market is highly volatile and may involve significant risks. We recommend conducting your own analysis.