Suche
Mein Konto
Stablecoins conquer Singapore: OKX Pay revolutionizes payment transactions!
OKX Singapore launches stablecoin payments with OKX Pay, enabling everyday purchases via GrabPay in SGD with USDT and USDC.
Stablecoins conquer Singapore: OKX Pay revolutionizes payment transactions!
On October 2, 2025, OKX Singapore took a significant step in integrating crypto payment services by introducing stablecoin payments for everyday purchases. With the new feature, known as OKX Pay, customers can now pay with the stablecoins Tether (USDT) and USD Coin (USDC) at merchants using GrabPay. This innovation represents Singapore's first stablecoin-based scan-to-pay service.
The payments are immediately converted into Singapore Dollars (SGD) and processed via StraitsX. Customers simply need to scan a GrabPay SGQR code via the OKX SG app and the payment will be processed instantly. Traders receive Singapore dollars directly, while the corresponding amount is deducted from the customer's stablecoin balance. This functionality makes it easy for merchants as they do not have to take any additional steps in payment processing.
Background and partnerships
The launch of OKX Pay is the result of a strategic partnership with StraitsX and Grab. This collaboration shows that GrabPay offers a wide network of cafes, restaurants, retail stores and hawker stalls for stablecoin transactions. According to reports from Crypto News The launch of this service could further establish Singapore as a hub for regulated stablecoins and could provide a model for integrating crypto into regulated financial systems.
OKX itself holds a Major Payment Institution license from the Monetary Authority of Singapore (MAS). This ensures the compliance and transparency required to operate such innovative payment services. StraitsX's XSGD, used as a means of payment, is fully backed by reserves at DBS Bank and Standard Chartered and aligned with MAS's Project Orchid to ensure the highest standards of transparency and compliance.
The introduction of stablecoins into the everyday payment network could revolutionize the way consumers and merchants interact with each other. OKX Pay brings stablecoins out of trading platforms and into everyday use, which could significantly increase the adoption of these digital currencies.