StraitsX has partnered with OKX SG and Grab to roll out OKX Pay, a service that allows users to make payments with stablecoins at GrabPay merchants across Singapore.
The launch is being described as the country’s first scan-to-pay service using stablecoins.
Through the OKX SG app, customers can settle purchases such as coffee or dining by scanning SGQR codes at GrabPay merchants.
Transactions are settled instantly in USDT or USDC via StraitsX’s regulated infrastructure, while merchants receive Singapore dollars directly in their bank accounts.
This removes the need to handle digital payment tokens and addresses both volatility and compliance concerns.
StraitsX said its payment rails provide instant settlement, interoperability across partners and networks, and tangible benefits for consumers and merchants by reducing volatility risks.
OKX SG CEO, Gracie Lin said,
“OKX Pay addresses real needs for Singaporeans by expanding DPTs’ use beyond trading and investing to everyday payments – from a morning coffee to dining out with friends.
Through our partnership with Grab and StraitsX, two trusted and innovative companies, we’re taking a big step forward for Singapore’s payments landscape with our New Money App.”
Tianwei Liu, StraitsX CEO & Co-Founder added,
“The future of payments will be defined by trust, speed, and interoperability – and stablecoins are at the heart of this shift. StraitsX is building the rails that enable partners like OKX SG and Grab to bring digital money into everyday life, securely and at scale.
The launch of OKX Pay is more than a new service but a blueprint for how stablecoins will underpin global commerce in the years ahead.”
The partners said they plan to expand the service to support more stablecoins and digital currencies beyond USDT and USDC, and to add more retail, F&B, services, and everyday outlets.
They also intend to extend StraitsX’s settlement network to cross-border payments to simplify remittances and support borderless commerce.
Featured image: Edited by Fintech News Singapore, based on image by StraitsX
