Southeast Asia's largest super app, Grab, is further delving into the stablecoin infrastructure sector through a new partnership with Singapore's stablecoin issuer, StraitsX.
The two companies announced on Tuesday that they have signed a Memorandum of Understanding (MOU) to jointly develop a Web3-supported settlement layer, bringing digital asset wallets, programmable payments, and stablecoin-based clearing into everyday consumption scenarios.
If regulatory approval is obtained and the system is successfully implemented, it will allow users to directly hold and use tokens issued by StraitsX, such as XSGD and XUSD, within the Grab app. The app currently covers markets including Singapore, Malaysia, Indonesia, Thailand, Vietnam, the Philippines, Cambodia, and Myanmar.
With Grab's extensive influence in Southeast Asia, this move is expected to reshape the cross-border retail payment landscape in the region.
"Southeast Asia is one of the fastest-growing regions for the global digital economy, but the payment systems remain fragmented and costly," said Tianwei Liu, co-founder and CEO of StraitsX. He stated that this collaboration will accelerate the development of the digital economy in the region.
This is not Grab's first foray into the stablecoin space. The company has previously tested blockchain reward mechanisms, collaborated with Web3 wallets, and conducted small-scale pilots to assess user acceptance.
In 2023, Grab partnered with stablecoin issuer Circle to pilot a Web3 customer experience in Singapore, allowing users to open blockchain wallets, earn rewards, and use NFT vouchers.
In 2024, Grab began allowing users to top up their GrabPay wallets using cryptocurrencies and stablecoins.
On May 6, Grab also partnered with Natix (a decentralized physical infrastructure network under the Solana ecosystem) to integrate blockchain mapping services with its own camera hardware and mapping technology.
Although it has long been involved in stablecoins and blockchain, this agreement marks a strategic upgrade for the company, moving beyond experimental initiatives to seek the establishment of a default on-chain settlement channel that supports all major market operations.
Rather than simply using stablecoins, Grab is contemplating a more fundamental question—what type of stablecoin infrastructure should drive future payment flows.
"We believe that Web3 technology has the potential to enhance the cross-border retail payment experience while providing users with a familiar and convenient operating method," said Kell Jay Lim, Grab's head of finance. The company will work with StraitsX to address a range of challenges faced by merchants and consumers.
The core of the solution is to embed a Web3 wallet within the Grab app, enabling users to make cross-border payments, freely exchange between fiat currencies and stablecoins, and receive fund transfers from external Web3 wallets.
At the same time, merchants will also gain access to a Web3-compatible wallet, achieving programmable settlement, on-chain fund management tools, and real-time clearing, which is expected to reduce fees compared to traditional card organization networks and alleviate liquidity pressure.
Despite the promising outlook, this plan still requires approval from regulatory authorities in various countries, as different jurisdictions have adopted differentiated regulatory models for stablecoins, electronic money, and digital assets.
However, the intention is clear: to create a new interconnected settlement layer to replace the current fragmented and high-cost cross-border fund flow system.
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Original article: “Grab deepens stablecoin layout, partners with StraitsX to advance Web3 wallet and settlement infrastructure”
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