SBI Drops $25M Into dtcpay, Proving the Only Thing More Stable Than USDC Is SBI's Stablecoin FOMO

Stablecoin payments company dtcpay has formally closed a $25 million Series A funding round, anchored by a strategic investment from Japan's SBI Group through two Singapore-based vehicles, SBI Ventures Asset and the SBI-NTU-Kyobo Digital Innovation Fund. Vertex Ventures Southeast Asia & India led an initial $10 million tranche in April, with Genedant Capital and existing backer Kwee Liong Tek also participating. Neither party disclosed SBI's contribution size or dtcpay's post-money valuation. The Singapore-headquartered firm previously raised $16.5 million in a pre-Series A round in June 2023.

Dtcpay operates digital-asset conversion, custody and payment infrastructure, including merchant terminals and a Visa-linked card that enables stablecoin spending through the card network. The company holds a Major Payment Institution license from the Monetary Authority of Singapore and an Electronic Money Institution license in Luxembourg, with additional regulatory presence in Europe, Hong Kong, Australia and North America.

"We did not raise this round to sustain what we have built," founder and CEO Alice Liu said. "We raised it to fundamentally change how money moves across borders." Dtcpay said the new capital will fund an enterprise portal, app enhancements and merchant-network expansion, without detailing revenue figures or the precise allocation of proceeds.

For SBI Holdings, the deal extends a pattern of stablecoin-adjacent deployment. The group recently acquired Singapore-based Coinhako, expanded its multibillion-dollar stake in Ripple to distribute the RLUSD stablecoin, and acts as a founding validator on Circle's Arc network. SBI framed the dtcpay investment as infrastructure for a regulated digital-asset corridor linking Japanese capital with Southeast Asian commerce, where stablecoins offer faster settlement than traditional cross-border banking channels when operated by licensed intermediaries.