OKX Singapore, in collaboration with StraitsX and Grab, has launched OKX Pay, the first stablecoin-powered scan-to-pay service in Singapore. This innovative service enables customers to use stablecoins such as USDC and USDT for everyday transactions at GrabPay merchant-partners by scanning a GrabPay SGQR code. The service is integrated within the OKX SG App, now available on the App Store and Google Play.
The launch signifies a significant step in integrating stablecoins into regulated payment systems, with Singapore serving as a testing ground for this financial innovation. OKX Pay leverages StraitsX’s XSGD stablecoin, ensuring instant conversion into Singapore dollars (SGD) for merchant settlements, whilst maintaining existing payment flows for merchants.
Gracie Lin, CEO of OKX SG, stated, “OKX Pay addresses real needs for customers by expanding DPTs’ use beyond trading and investing to everyday payments.” Lim Kell Jay, Regional Head of Grab Financial Group, added that the partnership enhances the payment experience for consumers and businesses by broadening payment options without altering existing processes.
The service uses the Purpose Bound Money (PBM) framework for compliant and programmable blockchain transactions. This collaboration highlights Singapore’s role as a hub for financial innovation, with potential implications for stablecoin integration across Asia and beyond. Tianwei Liu, CEO of StraitsX, emphasised that the launch is a blueprint for how stablecoins will underpin global commerce in the future.
