OKX Singapore has introduced what it asserts is the first stablecoin-powered scan-to-pay service in the city, allowing customers to use USDC or USDT at GrabPay merchant locations by scanning standard SGQR codes. This service, launched in collaboration with stablecoin issuer StraitsX and the payments platform Grab, enables users to convert their stablecoins into Singapore dollars at the point of sale throughout Grab’s extensive merchant network.
The transactions are settled through StraitsX’s XSGD stablecoin, leveraging Singapore’s Purpose Bound Money (PBM) framework, which implements programmable logic ensuring compliant conditional settlements. This initiative by OKX Pay addresses a persistent challenge in cryptocurrency adoption: bridging the gap between digital asset holdings and their acceptance by everyday merchants. While crypto payment cards have existed for years, the direct integration for scan-to-pay functionality with established merchant networks promises to enhance user experience further.
The service is primarily aimed at OKX’s existing customer base, allowing them to use their stablecoin holdings for everyday purchases without the need to convert to fiat beforehand. The instant conversion mechanism tackles issues related to cryptocurrency volatility by settling transactions at real-time exchange rates. Gracie Lin, CEO of OKX Singapore, stated that “OKX Pay addresses real needs for customers by expanding DPTs’ use beyond trading and investing to everyday payments—from a morning coffee to dining out with friends.”
Users can engage with the service through the OKX SG app, which facilitates instant conversion from USDT or USDC to XSGD, and subsequently to Singapore dollars (SGD). Merchants, in turn, receive settlements in SGD without the need to handle digital payment tokens directly. Each transaction executes as a blockchain transfer with built-in compliance checks and real-time validation under the PBM framework.
Lim Kell Jay, regional head of Grab Financial Group, highlighted the benefits for merchant partners, noting that “By integrating OKX Pay with GrabPay through StraitsX’s settlement network, we are enabling our merchant-partners to benefit from expanding acceptance to a broader range of users and payment options, without any change to their existing flows.”
This launch marks a practical implementation of Singapore’s regulatory framework for digital payment tokens, under which OKX Singapore operates as a licensed DPT platform. The company received Major Payment Institution status from the Monetary Authority of Singapore in September 2024, permitting it to provide digital payment token services within the jurisdiction.
StraitsX acts as the regulated payment service provider for the settlement layer, with its XSGD stablecoin maintaining a 1:1 peg with the Singapore dollar and facilitating a connection between cryptocurrency holdings and local currency merchant settlements. Tianwei Liu, CEO and co-founder of StraitsX, stated that “The future of payments will be defined by trust, speed, and interoperability—and stablecoins are at the heart of this shift.” The launch of OKX Pay is projected as a blueprint for how stablecoins might support global commerce in the future.
StraitsX has also integrated with other services beyond Grab, including Alipay+, to enable acceptance with merchants supporting regional e-wallets like GCash, KakaoPay, and Touch ‘n Go. These partnerships position XSGD as vital infrastructure for cross-border stablecoin commerce across Asia.
Singapore’s Purpose Bound Money framework provides the necessary regulatory infrastructure for such implementations, allowing digital currencies to possess programmable conditions that govern their usage. This ensures compliance without manual intervention during transactions.
As Singapore seeks to establish itself as a hub for regulated digital asset activities, the Monetary Authority of Singapore has taken a balanced approach to cryptocurrency regulation, creating licensing frameworks while enforcing stringent compliance requirements for operators. The success of the new service will depend on user adoption trends and merchant engagement, as widespread acceptance may require time for vendor education on accepting payments originating from stablecoins.
