Partnership with StraitsX Enables USDT and USDC Payments for Everyday Purchases
Singapore is taking another step toward mainstream crypto adoption as OKX SG introduces OKX Pay, a scan-to-pay service that lets customers pay with stablecoins at everyday merchants. The initiative is a collaboration with crypto infrastructure provider StraitsX and Grab, Southeast Asia’s leading “everyday everything” app.
Expanding Stablecoin Payments
The new system allows customers to pay with USDT (Tether) and USDC (Circle) by scanning GrabPay SGQR codes at participating outlets. Transactions are seamlessly converted: the stablecoin is first exchanged into XSGD, StraitsX’s Singapore dollar-pegged token, before being settled into fiat for the merchant.
This three-step conversion means that merchants do not have to handle digital payment tokens (DPTs) directly, making the process compliant, simple, and risk-free.
Gracie Lin, CEO of OKX SG, said the service addresses a long-standing gap in crypto usability. “OKX Pay expands digital payment tokens’ use beyond trading and investing to everyday payments — from a morning coffee to dining out with friends,” Lin noted.
Stablecoins Gain Real-World Momentum
Stablecoins are pegged to traditional currencies, reducing volatility and making them more practical for payments. According to JPMorgan, monthly stablecoin transaction volumes now exceed $800 billion, up from less than $100 billion five years ago.
A BCG white paper (May 2025) found that real-world payments such as remittances, merchant transactions, and on-chain settlements account for 4%–6% of stablecoin activity, while trading still dominates at nearly 88%.
The adoption of XSGD within Alipay+ and Grab’s ecosystem already connects wallets like GCash, KakaoPay, and Touch ’n Go, showing how stablecoins are embedding into daily commerce across Asia.
A Signal for Broader Adoption
Industry analysts say Singapore’s move reflects a growing trend of integrating blockchain payments into regulated financial networks. By offering stablecoin payments in a format that merchants can accept without added complexity, OKX SG is setting a precedent for wider institutional adoption.
As everyday payment options expand, stablecoins may evolve from speculative assets into a standard digital alternative to cash and cards — positioning Singapore at the forefront of global crypto payments innovation.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.