TLDR
- Singapore’s GrabPay goes crypto with OKX Pay’s USDC & USDT scan-to-pay.
- OKX Pay launches in SG: stablecoin payments live at GrabPay merchants.
- Stablecoins hit retail: OKX Pay enables USDC & USDT daily purchases.
- Singapore bridges crypto & commerce with OKX Pay on GrabPay network.
- OKX Pay brings compliant USDC/USDT payments to Singapore’s GrabPay.
Singapore has taken a significant step in digital finance with the launch of OKX Pay by OKX SG, a scan-to-pay stablecoin payments service. The new service enables customers to pay for daily items using stablecoins, such as USDC and USDT, across GrabPay’s extensive network. This development marks Singapore’s first direct integration of a stablecoin payment into a major merchant ecosystem.
USDC: Enabling Real-Time Retail Transactions
OKX Pay enables users to make purchases using the USDC stablecoin directly at GrabPay merchant locations across Singapore. Customers simply scan the GrabPay SGQR code using the OKX SG app, initiating the payment process. The USDC amount is then converted into XSGD, the Singapore dollar-backed stablecoin issued by StraitsX.
This real-time conversion ensures that merchants receive Singapore dollars without having to handle digital payment tokens directly. The system utilizes the Purpose-Bound Money (PBM) framework, incorporating compliance logic into each transaction. This approach minimizes operational complexity while enabling compliant stablecoin payments.
GrabPay merchants, including cafés, hawker stalls and retail outlets, now accept stablecoin payments, widening the utility of USDC. Customers benefit from faster transactions, while merchants continue to receive settlements in their local currency. The collaboration represents a seamless bridge between crypto assets and traditional financial infrastructure.
USDT: Powering Compliant and Scalable Payment Solutions
The service also supports the use of USDT for consumer payments via the same scan-to-pay functionality. Payments made with USDT are similarly converted to XSGD before merchants receive their final amount in Singapore dollars. This ensures the stablecoin payments process complies with local regulatory frameworks.
The inclusion of USDT provides more flexibility for digital asset users and strengthens the value proposition of OKX Pay. Users can now make everyday purchases using USDT while enjoying full regulatory compliance through StraitsX’s infrastructure. The integration reduces friction in converting crypto holdings to usable currency for daily spending.
OKX holds a Major Payment Institution license from the Monetary Authority of Singapore, enabling it to provide regulated digital payment services. This legal foundation enhances trust in the service and ensures transparency in the processing of stablecoin payments. The initiative strengthens Singapore’s position as a hub for regulated digital currency innovation.
XSGD: Strengthening the Settlement Layer for Stablecoin Payments
XSGD plays a critical role as the intermediary stablecoin in OKX Pay’s payment flow. Every transaction involving USDC or USDT is first converted to XSGD before final settlement in SGD. This mechanism ensures that payments are executed under Singapore’s regulatory guardrails and with financial stability.
Issued by StraitsX and backed 1:1 with reserves held at DBS and Standard Chartered, XSGD ensures reliable transaction execution. The PBM framework enables programmable compliance checks, enhancing security for both customers and merchants. These elements support the adoption of stablecoin payments for mainstream commerce.
The integration also builds upon Singapore’s Project Orchid, a government-backed initiative for programmable money. OKX Pay’s alignment with this initiative showcases how private sector innovation can support national digital finance strategies. The partnership between OKX SG, Grab, and StraitsX forms a blueprint for global stablecoin adoption.
