52% of Singaporean cryptocurrency holders use digital assets for payments

According to the Straits Times, over half of cryptocurrency holders in Singapore have already used digital assets for daily transactions. The latest research shows that 52% of cryptocurrency holders have started using cryptocurrency for payments, and 67% plan to use it in the future. The study found that Generation Z and Millennials hold 40% of the country's cryptocurrencies, primarily used 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 blockchain analysis company Chainalysis, Singapore's cryptocurrency transaction volume was close to $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 limited merchant acceptance.