SBI Group Invests in Singapore Stablecoin Payment Firm DTC Pay

SBI Group, a major Japanese financial conglomerate, has made a strategic investment in Singaporean stablecoin payment company DTC Pay (dtcpay), according to CoinDesk. The firm announced that it has completed a $25 million Series A funding round following SBI Group's participation.

SBI Ventures Asset and the SBI-NTU-Kaobo Digital Innovation Fund facilitated the investment. DTC Pay provides payment and remittance infrastructure using stablecoins, offering digital asset exchange services, custody solutions, and Visa cards that allow users to spend their stablecoins on everyday transactions.

The company plans to allocate the raised funds toward building enterprise payment platforms, enhancing application features, and expanding its merchant network.