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OKX SG Launches Stablecoin-Powered Payment Service with Grab and StraitsX

OKX SG Launches Stablecoin-Powered Payment Service with Grab and StraitsX

The new OKX Pay service enables USDC and USDT payments via GrabPay SGQR codes, aiming to expand stablecoin utility beyond trading into everyday transactions.

USDT
USDC

Fact Check
All ten provided sources, including primary announcements from StraitsX across its blog and social media, as well as reporting from multiple reputable news outlets like CoinDesk, Finextra, and Business Times, explicitly and consistently state that OKX SG has launched a stablecoin-powered payment service in collaboration with both Grab and StraitsX.
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Summary

OKX SG has introduced OKX Pay, a stablecoin-powered scan-to-pay service, in partnership with StraitsX and Grab. The service allows payments in USDC and USDT through GrabPay SGQR codes, converting them into XSGD before merchant settlement. OKX SG received its major payment institution license from Singapore’s central bank about a year ago. The service is designed to boost everyday use of digital payment tokens (DPTs) and leverages the Monetary Authority of Singapore’s purpose bound money framework for compliant blockchain transfers. Stablecoin adoption is rising globally, with transaction volumes exceeding $800 billion monthly, though most usage remains trading-related.

Terms & Concepts
  • Stablecoin: A cryptocurrency pegged to a stable asset such as fiat currency, designed to minimize price volatility.
  • Purpose Bound Money (PBM): A Monetary Authority of Singapore framework applying programmable logic to ensure compliant and conditional settlements in digital transactions.
  • Digital Payment Token (DPT): A token used as a medium of exchange not pegged to any physical form, regulated under Singapore’s Payment Services Act.