OKX Pay Brings Stablecoins to Everyday Purchases in Singapore
OKX singapore has introduced a new way to use stablecoins for daily transactions. The service, called OKX Pay, lets customers pay wiht USDT and USDC at GrabPay merchants. This is a first for Singapore, making crypto payments as easy as scanning a code.
With OKX Pay, users scan a GrabPay SGQR code using the OKX SG app. The payment is settled instantly. Merchants receive Singapore dollars,while the customer’s stablecoin balance is deducted. This seamless process is made possible by a partnership with StraitsX and Grab.
StraitsX’s XSGD, a Singapore dollar-backed stablecoin, acts as a bridge. It converts USDT and USDC into SGD, ensuring merchants get their payments in local currency. This integration means that stablecoins can now be used at various places like cafés, restaurants, and retail stores.
OKX Pay aligns with Singapore’s digital payments framework. The service operates under a Major Payment Institution license from the Monetary Authority of Singapore (MAS). This ensures compliance and clarity.
Industry experts see this as a significant step toward integrating digital and traditional finance. By embedding stablecoins into Singapore’s mainstream payments network, OKX, Grab, and StraitsX are setting a model for crypto integration into regulated financial systems.
