Cryptocurrency exchange OKX has introduced a new stablecoin-powered payment service in Singapore, allowing customers to use USDT and USDC to pay at GrabPay merchants through the OKX Pay system.
Key Takeaways
- OKX Pay enables stablecoin payments at GrabPay merchants in Singapore using USDT and USDC.
- Payments are instantly converted to XSGD, a Singapore dollar-backed stablecoin, before reaching merchants in SGD.
- The system leverages the Purpose Bound Money (PBM) framework to ensure compliant and programmable blockchain transactions.
- This marks the first time stablecoins are accepted directly through GrabPay in Singapore, with potential implications for broader global commerce adoption.
What Happened?
OKX SG, the Singapore unit of global crypto exchange OKX, launched OKX Pay, a scan-to-pay service that allows customers to use stablecoins for everyday purchases. The service, integrated with GrabPay’s SGQR merchant system, converts USDT or USDC into XSGD and settles transactions in Singapore dollars.
From your morning kopi to nightly groceries – OKX Pay x Grab is live across the Lion City 🇸🇬
— OKX (@okx) September 30, 2025
Singapore’s first‑of‑its‑kind stablecoin scan‑to‑pay. Real‑world payments, real momentum.
Now available in Singapore.
A Big Leap for Everyday Crypto Payments
The launch marks a significant step toward bringing digital payment tokens (DPTs) from trading platforms into real-world usage. By partnering with Grab and StraitsX, OKX is setting a new precedent for how blockchain-backed currencies can be used in daily life, from buying coffee to dining out.
- Customers can pay using USDT or USDC through the OKX app by scanning GrabPay SGQR codes.
- The payment is converted first into XSGD, a regulated stablecoin backed by the Singapore dollar, and then into SGD for the merchant.
- Merchants never handle the crypto themselves, making it a seamless and compliant transaction process.
StraitsX, Grab and the Power of Compliance
The backbone of this system is the PBM (Purpose Bound Money) framework, which allows programmable conditions to be embedded into transactions. This ensures real-time validation, regulatory compliance, and seamless merchant settlement without disruption to current workflows.
Tianwei Liu, CEO and co-founder of StraitsX, emphasized:
Grab’s Regional Head of Financial Group, Lim Kell Jay, also commented, “This partnership reflects Grab’s ongoing commitment to reducing friction and enhancing the payment experience for consumers and small to medium-sized businesses.”
Broader Context: Stablecoins on the Rise
According to a BCG white paper, merchant payments, cross-border remittances, and on-chain settlements using stablecoins now represent 4% to 6% of overall activity, with trading still dominating at 88%. Yet, transaction volumes are soaring with JPMorgan reporting over $800 billion in monthly stablecoin transactions, up from less than $100 billion five years ago.
This collaboration demonstrates Singapore’s role as a testbed for financial innovation, especially with regulated players like StraitsX, OKX SG, and Grab working together to explore mainstream applications for digital currencies.
CoinLaw’s Takeaway
In my experience covering fintech and crypto adoption, it is rare to see such a clean, fully integrated system come to life, especially in a tightly regulated market like Singapore. What stands out here is not just the novelty of using stablecoins at cafes or stores but how compliant and seamless the entire process is. I found it particularly impressive that GrabPay merchants do not need to alter their current setup or handle crypto at all. That’s how crypto will quietly win in the mainstream: by fitting into daily life without disrupting it. This launch is a quiet revolution in how we might one day view digital money.
