OKX Singapore has launched a new scan-to-pay service, which it claims is the first of its kind in the city-state, enabling customers to use their USDC or USDT stablecoins for everyday purchases at GrabPay merchant locations.
Key Details of the Service
- Partnerships: The service, called OKX Pay, is a collaboration with stablecoin issuer StraitsX and payment platform Grab.
- Functionality: OKX customers can use their OKX SG app to scan standard SGQR codes. The service instantly converts their USDC or USDT holdings into Singapore dollars (SGD) at the point of sale.
- Settlement Mechanism: The conversion and settlement are handled via StraitsX’s XSGD stablecoin, which is pegged 1:1 to the SGD. This process uses Singapore’s Purpose Bound Money (PBM) framework, which applies programmable compliance logic for secure, conditional settlement.
- Merchant Benefit: Merchants receive settlement directly in SGD without ever having to handle digital payment tokens.
- Regulatory Backing: The launch follows OKX Singapore receiving Major Payment Institution status from the Monetary Authority of Singapore (MAS) in September 2024, allowing it to provide Digital Payment Token (DPT) services.
Impact on Crypto Adoption
OKX Singapore CEO Gracie Lin stated that the service addresses a real need by expanding the use of DPTs beyond just trading and investing into daily payments. The instant conversion mechanism helps alleviate concerns over crypto volatility.
The integration with Grab’s extensive merchant network is seen as a crucial step in bridging the gap between holding digital assets and achieving seamless, widespread merchant acceptance, offering a more direct experience than traditional crypto payment cards. StraitsX, whose XSGD stablecoin acts as the settlement layer, sees this as a blueprint for how stablecoins will underpin global commerce, particularly as its network already facilitates cross-border commerce through integrations like Alipay+.
September 2025, Cryptoniteuae
