OKX pay Brings Stablecoins to Everyday Purchases in Singapore
OKX Singapore has introduced a new way to use stablecoins for daily transactions. The service, called OKX Pay, lets users spend USDT adn USDC at GrabPay merchants. this is a first for Singapore, making crypto more accessible for everyday use.
Here’s how it effectively works: users can spend USDT and USDC at GrabPay merchants.
OKX Pay is the first stablecoin-powered scan-to-pay service in Singapore. Customers simply scan a grabpay SGQR code using the OKX SG app. The payment is settled instantly,and merchants receive Singapore dollars.
this service is made possible through a partnership with StraitsX and Grab. tether (USDT) and USD Coin (USDC) payments are converted into SGD using StraitsX’s XSGD, a Singapore dollar-backed stablecoin. This ensures merchants can accept stablecoin payments without extra steps.
OKX Pay expands the use of stablecoins beyond trading. It allows customers to use crypto for everyday purchases at various GrabPay merchants, including cafés, restaurants, and retail stores.
The launch aligns with Singapore’s digital payments framework. OKX holds a Major Payment institution license from the Monetary Authority of Singapore, enabling it to offer digital payment services.
StraitsX’s XSGD is fully backed by reserves at DBS Bank and Standard Chartered. it is also aligned with MAS’s Project Orchid,ensuring transparency and compliance.
Industry analysts see this as a notable step toward integrating digital and conventional finance. By embedding stablecoins into Singapore’s mainstream payments network, OKX, grab, and StraitsX may set a model for crypto integration into regulated financial ecosystems.
