OKX Singapore Partners with StraitsX and Grab to Launch OKX Pay

OKX Singapore has joined hands with Grab and StraitsX to launch a stablecoin-powered scan-to-pay service called OKX Pay. This innovative solution allows users to make seamless stablecoin payments at GrabPay merchant locations across the city-state.

OKX Singapore Launches Stablecoin Payment Solution

In a groundbreaking announcement, OKX Singapore has launched a stable crypto payment solution in collaboration with Grab and StraitsX. This move allows customers to make payments with USDC or USDT at GrabPay-accepting merchants simply by scanning SGQR codes.

Addressing the necessity of the launch, the platform noted in its official statement,

“Using stablecoins for real-world payments has felt out of reach due to complex processes, unreliable solutions, and limited merchant adoption - until now. With today’s launch…stablecoins improve everyday life, making it simple to spend and send funds with ease.”

Significantly, this move comes amid the increasing adoption of stable tokens. According to reports, stable asset transaction volumes have grown to more than $800 billion each month from below $100 billion just five years ago. They are being used more and more often for real-world purposes, including 4-6% of the activity devoted to payments, including remittances and merchant settlements, which would seem to emphasize a growing real-world component.

In particular, this pioneering move enables GrabPay merchants to be some of the first to accept payments made directly in stablecoin. It shows how quickly digital asset use is catching on in the region. When a customer uses this new solution made available for payment via USDC or USDT, the stablecoin is automatically exchanged for XSGD so that the merchant receives currency.

As CoinGabbar reported recently , Coinbase, in partnership with StraitsX, introduced the first SGD-backed asset, XSGD. It is fully pegged 1:1 by reserves held with DBS Bank and Standard Chartered.

Why This Asian Country?

Singapore is one of the crypto-friendly nations that aim to balance innovation with robust regulatory frameworks to mitigate risks and support the growth of digital assets. As part of the country’s crypto regulatory initiatives, the MAS recently launched new rules to mandate licensing for digital asset platforms under the Financial Services and Markets Act (FSMA). Non-compliance will result in severe penalties, including fines of up to SGD 250,000 and imprisonment for up to 3 years.

In its announcement, OKX has been vocal about the country, acknowledging the country’s crypto-friendly ecosystem. The exchange noted,

“There’s no better city for this…a global leader in digital innovation and cashless payments. By combining the flexibility of stablecoins with a seamless experience, OKX Pay puts customers in control of their stablecoins for daily transactions with instant payment features.”