OKX SG Introduces USDT and USDC Scan-to-Pay in Singapore via Grab Partnership
Singapore-based OKX SG has launched OKX Pay, its integrated payments service, in partnership with Southeast Asia’s all-in-one app Grab, enabling users to pay for everyday purchases using stablecoins.
The rollout is powered by StraitsX, a crypto infrastructure provider, allowing customers to use the two largest U.S. dollar-pegged stablecoins: USDT from Tether and USDC from Circle Internet (CRCL). OKX SG, licensed as a major payment institution by Singapore’s central bank, said the service aims to expand digital payment token usage beyond trading into daily commerce.
“OKX Pay addresses real needs for customers by expanding digital tokens’ use from trading and investing to everyday payments — from morning coffee to dining out,” said Gracie Lin, CEO of OKX SG.
How It Works
Users can scan GrabPay SGQR codes at participating merchants. Their USDT or USDC is converted into XSGD, StraitsX’s Singapore dollar-pegged stablecoin, which is then converted into fiat and passed to the merchant. This process allows businesses to accept stablecoins without handling crypto directly.
Stablecoins, pegged to fiat currencies, reduce the volatility seen in traditional cryptocurrencies, making them suitable for daily transactions while providing faster cross-border settlements and blockchain-backed security.
Stablecoin adoption is growing rapidly. JPMorgan reports that monthly transaction volumes have surged to over $800 billion, up from under $100 billion five years ago. A BCG white paper notes that payment-related uses—such as remittances, merchant transactions, and on-chain settlements—now represent 4%–6% of total stablecoin activity, with trading still accounting for the majority.
Compliance and Security
OKX Pay transactions are executed as blockchain transfers under Singapore’s Monetary Authority purpose-bound money (PBM) framework, which uses programmable logic to ensure compliant and conditional settlement. Its three-step conversion ensures merchants receive fiat currency without handling stablecoins directly.
“The future of payments will be defined by trust, speed, and interoperability, and stablecoins are at the heart of this shift,” said Tianwei Liu, CEO and co-founder of StraitsX. “OKX Pay is not just a new service; it’s a blueprint for how stablecoins will support global commerce in the years ahead.”
