OKX SG Launches Stablecoin Scan-to-Pay with Grab in Singapore
OKX SG, the Singapore-based branch of the crypto exchange OKX, has introduced OKX Pay, a stablecoin-powered scan-to-pay service in partnership with Southeast Asia’s multi-service app, Grab.
Powered by crypto infrastructure provider StraitsX, OKX Pay allows users to pay for everyday expenses using USDT (Tether) and USDC (Circle). Shoppers can scan GrabPay SGQR codes at participating merchants, with the stablecoins converted into XSGD, StraitsX’s Singapore dollar-pegged stablecoin, before being settled in fiat for merchants. This enables businesses to accept digital payments without handling crypto directly.
“OKX Pay brings digital tokens into everyday use — from morning coffee to meals with friends — extending their role beyond trading and investing,” said Gracie Lin, CEO of OKX SG.
Stablecoins Expanding in Real-World Payments
Stablecoins are pegged to fiat currencies, reducing volatility compared with traditional cryptocurrencies, making them ideal for daily transactions. They also enable faster settlements and cross-border payments, bridging blockchain benefits with practical commerce.
Adoption is accelerating. According to JPMorgan, monthly stablecoin transaction volumes have soared past $800 billion, up from under $100 billion five years ago. A BCG white paper notes that payments-related uses—including merchant transactions, remittances, and on-chain settlements—now represent 4%–6% of total activity, while trading still dominates.
Compliant and Secure Payments
OKX Pay transactions are executed on the blockchain under Singapore’s Monetary Authority purpose-bound money (PBM) framework, which ensures compliance through programmable logic. The three-step conversion process provides a smooth, secure experience for merchants and consumers alike.
“The future of payments will rely on trust, speed, and interoperability, with stablecoins at the core,” said Tianwei Liu, CEO and co-founder of StraitsX. “OKX Pay is not just a service launch — it’s a blueprint for how stablecoins will support global commerce in the years ahead.”
