3 hours ago
OKX SG, the Singapore-based portion of OKX, said it is bringing the crypto exchange's integrated payments service, OXK Pay, to the city-state done a stablecoin-powered scan-to-pay work tie-up with Southeast Asia's "everyday everything" app, Grab.
OKX SG, which received a large outgo instauration licence from the country's cardinal slope just implicit a twelvemonth ago, volition enactment with crypto infrastructure supplier StraitsX to let customers to wage for mundane expenses utilizing the 2 largest U.S. dollar-pegged stablecoins, USDT, issued by Tether, and USDC, issued by Circle Internet (CRCL).
The motorboat of OKX Pay is simply a motion of the expanding adoption of stablecoins successful commercialized networks crossed Asia and beyond. StraitsX’s XSGD stablecoin is already integrated with Alipay+ and Grab, which enables wallets similar GCash, KakaoPay and Touch ’n Go e-wallets. In immoderate emerging markets, stablecoins are already wide utilized for remittances and day-to-day commerce, often preferred for their little transaction fees and faster colony times than accepted wealth transfers done accepted banking channels.
"OKX Pay addresses existent needs for customers by expanding DPTs’ usage beyond trading and investing to mundane payments — from a greeting java to eating retired with friends," Gracie Lin, CEO astatine OKX SG, said successful a property merchandise shared with CoinDesk.
The strategy allows users to scan GrabPay SGQR codes astatine participating merchants and converts their USDT oregon USDC into XSGD, StraitsX's Singapore dollar-pegged stablecoin. The XSGD is past converted successful the fiat currency and passed to merchant.
Stablecoins are tokens whose values are pegged to an outer reference, typically a fiat currency. This pegging mechanics minimizes the terms volatility typically seen successful different cryptocurrencies, providing users with a integer plus that functions likewise to accepted wealth portion offering the benefits of blockchain exertion specified arsenic faster cross-border transactions and outgo modes.
According to JPMorgan, stablecoin transaction volumes person zoomed to implicit $800 cardinal a period from little than $100 cardinal successful 5 years. The wide usage of stablecoins successful existent satellite transaction is dilatory picking up.
According to a BCG achromatic insubstantial connected stablecoins released successful May 2025, stablecoins' payments-related uses specified arsenic cross-border remittances, merchant transactions and on-chain settlements present marque up astir 4%–6% of full activity. Meanwhile, trading related activities marque up for 88% of the total.
The OKX Pay's three-step conversion ensures that merchants payment from a simple, compliant mode to judge stablecoin payments without having to grip integer outgo tokens (DPTs) themselves.
Every OKX Pay transaction is executed arsenic a blockchain transportation utilizing the Monetary Authority of Singapore's purpose bound money (PBM) framework, which applies programmable logic to guarantee compliant and conditional settlement.
“The aboriginal of payments volition beryllium defined by trust, speed, and interoperability – and stablecoins are astatine the bosom of this shift," Tianwei Liu, StraitsX CEO & co-founder, said successful the statement. "The motorboat of OKX Pay is much than a caller work but a blueprint for however stablecoins volition underpin planetary commerce successful the years ahead."
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