OKX Singapore brings stablecoin payments to GrabPay

OKX Singapore has rolled out stablecoin payments for everyday purchases, letting customers pay with GrabPay merchant-partners across the city.

OKX Singapore’s scan-to-pay service  lets customers spend USDT and USDC stablecoins directly at GrabPay merchants across the country, making everyday crypto payments possible at retail outlets.

According to a Sept. 30 announcement from OKX, the new feature, called OKX Pay, is the first service in Singapore that enables direct stablecoin payments at GrabPay merchants.

First stablecoin scan-to-pay service in Singapore

Users simply scan a GrabPay SGQR code through the OKX SG app, and the payment is settled instantly. Merchants receive Singapore dollars, while funds are deducted from the customer’s stablecoin balance.

The service is powered by a collaboration with StraitsX and Grab. Tether (USDT) and USD Coin (USDC) payments are converted into SGD by StraitsX’s Singapore dollar-backed stablecoin, XSGD, which serves as a bridge.

This allows merchants to integrate stablecoin payments without extra steps. OKX highlighted that GrabPay’s wide network of cafés, restaurants, retail stores, and hawker stalls are now accessible for stablecoin transactions.

Building on Singapore’s digital payments framework

The launch builds on Singapore’s position as a hub for regulated stablecoins. With a Major Payment Institution license from the Monetary Authority of Singapore, OKX is able to provide digital payment services within the framework set up by the nation.

StraitsX’s XSGD, fully backed by reserves at DBS Bank and Standard Chartered, has also been aligned with MAS’s Project Orchid initiative, ensuring transparency and compliance.

OKX Pay brings stablecoins out of trading platforms and into daily use cases, offering consumers a scan-to-pay option and merchants immediate settlement in local currency. This follows earlier integrations by Grab, including crypto wallet top-ups in 2024 and cross-border solutions with Alipay+ in 2025.

The move, according to industry analysts, is a major step toward integrating digital and traditional finance. By embedding stablecoins into Singapore’s mainstream payments network, OKX, Grab, and StraitsX may set a model for how crypto can be integrated into regulated financial ecosystems.