OKX Pay, powered by StraitsX’s XSGD, enables stablecoin payments at GrabPay merchants across Singapore via scan-to-pay.
Digital payment token platform OKX SG Pte Ltd (OKX SG) has launched OKX Pay, Singapore’s first stablecoin-powered scan-to-pay service.
The service, developed in collaboration with StraitsX and Grab, enables customers to pay for everyday expenses using USDC or USDT at GrabPay merchant-partners simply by scanning their GrabPay SGQR code.
Available directly within the OKX SG App, the service integrates OKX SG’s digital asset community, StraitsX’s regulated settlement framework, and Grab’s extensive merchant network.
Transactions are underpinned by the Singapore dollar-backed XSGD stablecoin, issued by StraitsX, and executed using the Purpose Bound Money (PBM) framework to ensure secure, compliant settlement.
The launch extends the use of digital payment tokens beyond trading and investing into everyday transactions. Customers can now use stablecoins for daily purchases, while merchants receive settlement in Singapore dollars without handling digital tokens themselves. The PBM framework ensures that each transaction is programmable, compliant, and validated in real time.
Gracie Lin, CEO of OKX SG, said: “OKX Pay addresses real needs for customers by expanding digital payment tokens’ use beyond trading and investing to everyday payments – from a morning coffee to dining out with friends. Through our partnership with Grab and StraitsX, two trusted and innovative companies, we’re complementing Singapore’s payments ecosystem.”
Lim Kell Jay, Regional Head of Grab Financial Group, added: “This partnership reflects Grab’s ongoing commitment to reducing friction and enhancing the payment experience for consumers and small businesses. By integrating OKX Pay with GrabPay through StraitsX’s settlement network, our merchant-partners benefit from expanded acceptance with no change to their existing flows.”
The initiative also highlights Singapore’s role as a proving ground for financial innovation. By embedding PBM-enabled stablecoin payments into existing systems, OKX SG, StraitsX, and Grab are demonstrating how blockchain-based payments can be seamless, compliant, and ready for mainstream use.
Tianwei Liu, CEO and Co-Founder of StraitsX, said: “The future of payments will be defined by trust, speed, and interoperability – and stablecoins are at the heart of this shift. StraitsX is building the rails that enable partners like OKX SG and Grab to bring digital money into everyday life, securely and at scale. The launch of OKX Pay is more than a new service – it is a blueprint for how stablecoins will underpin global commerce in the years ahead.”
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