52% of cryptocurrency holders in Singapore use digital assets for payments

ChainCatcher news, according to the Straits Times, more than half of cryptocurrency holders in Singapore have used digital assets for daily transactions. The latest research shows that 52% of cryptocurrency holders have started using cryptocurrencies for payments, and 67% of holders plan to use them in the future.

The study found that Generation Z and millennials hold 40% of the country's cryptocurrencies, primarily for online shopping, bill payments, and in-store purchases. Notably, Sony has partnered with Crypto.com to support USDC stablecoin payments in its online store.

According to data from blockchain analytics firm Chainalysis, Singapore's cryptocurrency trading volume approached $1 billion in the second quarter of 2024. However, 60% of users still express concerns about the complexity and security of digital assets, and 54% of holders are troubled by the limited acceptance by merchants.