OKX SG, the unit based in Singapore of OKX, says it brings the Crypto Exchange’s combined payment service, the city-state by a stablecoin-powered scan-to-pay service tie-up in Southeast Asia’s “Everyday Everything” app, Grab.
Okx SG, who received a major payment institution license from the country’s central bank Only a year ago.
Launching OKX Pay is a sign of increasing stablecoins adoption on commercial networks across Asia and beyond. Straitsx’s XSGD Stablecoin is already included in the Alipay+ and Grab, which allows wallets such as Gcash, Kakaopay and handle ‘n go e-wallets. In some emerging markets, stablecoins are widely used For remittances and daily commerceIt is often preferred for their lower transaction fees and faster times of regulating than conventional money transfers through traditional banking channels.
“OKX Pay meets real needs for customers by expanding DPTs use beyond trading and investment in sunny payments -from a morning coffee to diner with friends,” Gracie Lin, CEO to OKX SG, said in a press release shared with CoinDesk.
The system allows users to scan SGQR codes with participating merchants and convert their USDT or USDC to XSGD, Straitsx’s Singapore dollar-pegged stablecoin. XSGD is then converted into fiat currency and passed to the merchant.
Stablecoins are tokens whose values are Pegged to an external referenceusually a fiat currency. This pegging mechanism minimizes price volatility commonly seen in other cryptocurrencies, providing users of a digital asset that works similar to traditional currency while offering the benefits of blockchain technology such as faster cross-border transactions and payment modes.
According to JPMorganStablecoin transaction volumes have shown over $ 800 billion a month from less than $ 100 billion in five years. The general use of stablecoins in the real transaction in the world is slowly selection.
According to a white role of BCG in Stablecoins released in May 2025, equipment related to paying stablecoins such as cross-border remittances, traders and on-chain communities now make up approximately 4% -6% of total activity. Meanwhile, trading -related activities make up 88% of the total.
The three-step conversion of OKX Pay ensures that traders benefit from a simple, following way to accept stablecoin payments without having to handle digital payment tokens (DPT) themselves.
Each OKX Pay transaction is conducted as a blockchain transfer using Singapore’s financial authority goal tied to money (PBM) Framework, which applies to be programmed logic to ensure the following and conditional conditions.
“The future of the payments is defined by the trust, speed, and interoperability-and the stablecoins are at the heart of this change,” Tianwei Liu, Straitsx CEO & co-founder, said in the statement. “Launching OKX Pay is more than a new service but a blueprint for how Stablecoins will support global commercials in recent years.”
