dtcpay’s SBI-Backed Round Shows Stablecoin Payments Moving Toward Merchant Infrastructure

dtcpay has completed a $25 million Series A financing round with backing from SBI Group, adding another institutional investor to the stablecoin-payments company’s expansion plan. The Singapore-based firm is positioning the capital around merchant adoption, payment products and enterprise-facing infrastructure rather than speculative crypto usage. That makes the round relevant beyond one startup balance sheet: it reflects how stablecoins are increasingly being packaged as operational payment rails.

SBI participated through Singapore-based investment vehicles connected to the group, including SBI Ventures Asset and the SBI-NTU-Kyobo Digital Innovation Fund. The companies did not disclose SBI’s individual check size or dtcpay’s valuation. The financing completes a Series A that began earlier with a $10 million tranche led by Vertex Ventures Southeast Asia and India, with Genedant Capital and existing investor Kwee Liong Tek also involved. dtcpay had previously raised $16.5 million in pre-Series A financing in 2023.

dtcpay’s product stack is built around letting businesses and individuals accept, hold and transact across stablecoins and fiat currencies. The company describes its infrastructure in terms of real-time stablecoin-to-fiat conversion, merchant payment terminals and card-linked spending, including a Visa card that allows supported stablecoins to be used through the card network. The strategic focus is therefore less about launching another token and more about hiding the operational complexity of digital-asset settlement from merchants and end users.

The regulatory footprint is an important part of the story. dtcpay holds a Major Payment Institution license from the Monetary Authority of Singapore and an Electronic Money Institution license in Luxembourg. Those permissions do not remove execution, compliance or counterparty risks, but they do give the company a regulated base from which to serve merchants across fiat and digital-asset flows. In a payments sector where trust is often the gating factor, licensing can be as important as wallet support or transaction speed.

SBI’s involvement also fits a broader regional pattern. Japanese financial groups have been increasingly active around stablecoins, tokenized deposits and digital-asset infrastructure as policy frameworks mature across Asia. A strategic investment in a Singapore payments company gives SBI exposure to merchant-facing stablecoin usage without needing to build every component internally. For dtcpay, the relationship adds financial backing and potential distribution leverage in a market where banking partnerships, compliance posture and enterprise credibility matter.

For the RWA market, the most relevant implication is that stablecoins are becoming the settlement layer around other tokenized assets and services. Tokenized funds, onchain treasuries and digital securities all need reliable cash legs. Merchant payments sit at a different point of the stack, but the same requirements keep appearing: fiat conversion, custody controls, transaction monitoring, issuer and bank relationships, and user experiences that do not require counterparties to understand blockchain mechanics.

The competitive backdrop is getting more crowded. Payment processors, exchanges, banks, card networks and specialist stablecoin companies are all trying to define where stablecoins fit between bank deposits, card payments and cross-border transfers. dtcpay’s raise suggests investors still see room for focused infrastructure providers that can integrate stablecoins into everyday business flows while remaining close to regulated payment systems. The open question is whether merchant demand grows fast enough to justify the infrastructure buildout.

The round does not by itself prove mainstream stablecoin payments have arrived. Adoption will depend on pricing, settlement reliability, compliance operations, supported assets and merchant willingness to add another payment rail. But it does show capital continuing to move toward companies that treat stablecoins as practical settlement instruments. If that thesis holds, stablecoin payment infrastructure will become one of the connective layers between consumer commerce, treasury operations and the broader tokenized-asset economy, especially in markets where cross-border settlement remains slow, expensive or operationally fragmented.