Recent data from crypto payment firm Triple-A reveals a growing trend of cryptocurrency adoption in Singapore. The nation saw a surge in ownership to 26% in 2024, marking a significant jump from 24.4% in 2023, as reported by The Straits Times. This rise is fueled by users increasingly adopting crypto for payments. Notably, around 52% of crypto holders report using cryptocurrency for transactions, with nearly half expressing intentions to increase their usage in the future. Younger generations, primarily Gen Z and millennials aged 16-44, are driving this adoption, accounting for a whopping 40%. This group uses crypto predominantly for online shopping (over 40%), bill payments (nearly 36%), and in-store purchases (around 27%). While older users, aged 45 and above, primarily utilize cryptocurrency for peer-to-peer transfers, sending funds to friends and family (nearly 43%). Despite the increasing popularity of crypto for payments, challenges remain. A survey reveals that complexity with crypto usage is identified as the most significant challenge by 63% of respondents, followed by security concerns at 60%, and lack of merchant acceptance at 54%. Responding to the growing demand, Singaporean department store chain Metro has announced plans to accept stablecoin payments via their platform, enabling transactions using stablecoins like Tether’s USDT and Circle’s USDC. Meanwhile, the Singapore Exchange (SGX) is poised to launch Bitcoin perpetual futures contracts in late 2025, a move that will expand into the crypto derivatives market, targeting institutional investors through its exclusive offerings.