{"id":7681,"date":"2025-09-30T04:00:00","date_gmt":"2025-09-30T04:00:00","guid":{"rendered":"https:\/\/baiwp.com\/okx-sg-brings-usdt-and-usdc-scan-to-pay-to-singapores-everyday-shopping\/"},"modified":"2025-09-30T04:00:00","modified_gmt":"2025-09-30T04:00:00","slug":"okx-sg-brings-usdt-and-usdc-scan-to-pay-to-singapores-everyday-shopping","status":"publish","type":"post","link":"https:\/\/baiwp.com\/ar\/okx-sg-brings-usdt-and-usdc-scan-to-pay-to-singapores-everyday-shopping\/","title":{"rendered":"OKX SG Brings USDT and USDC Scan-to-Pay to Singapore\u2019s Everyday Shopping"},"content":{"rendered":"

OKX SG, the Singapore-based unit of OKX, said it is bringing the crypto exchange’s integrated payments service, OXK Pay, to the city-state through a stablecoin-powered scan-to-pay service tie-up with Southeast Asia’s “everyday everything” app, Grab.<\/p>\n

OKX SG, which received a major payment institution license from the country’s central bank just over a year ago<\/a>, will work with crypto infrastructure provider StraitsX to allow customers to pay for everyday expenses using the two largest U.S. dollar-pegged stablecoins, USDT, issued by Tether, and USDC, issued by Circle Internet (CRCL). <\/p>\n

The launch of OKX Pay is a sign of the increasing adoption of stablecoins in commercial networks across Asia and beyond. StraitsX\u2019s XSGD stablecoin is already integrated with Alipay+ and Grab, which enables wallets like GCash, KakaoPay and Touch \u2019n Go e-wallets. In some emerging markets, stablecoins are already widely used for remittances and day-to-day commerce<\/a>, often preferred for their lower transaction fees and faster settlement times than conventional money transfers through traditional banking channels. <\/p>\n

“OKX Pay addresses real needs for customers by expanding DPTs\u2019 use beyond trading and investing to everyday payments \u2014 from a morning coffee to dining out with friends,” Gracie Lin, CEO at OKX SG, said in a press release shared with CoinDesk.<\/p>\n

The system allows users to scan GrabPay SGQR codes at participating merchants and converts their USDT or USDC into XSGD, StraitsX’s Singapore dollar-pegged stablecoin<\/a>. The XSGD is then converted in the fiat currency and passed to merchant. <\/p>\n

Stablecoins are tokens whose values are pegged to an external reference<\/a>, typically a fiat currency. This pegging mechanism minimizes the price volatility typically seen in other cryptocurrencies, providing users with a digital asset that functions similarly to traditional money while offering the benefits of blockchain technology such as faster cross-border transactions and payment modes. <\/p>\n

According to JPMorgan<\/a>, stablecoin transaction volumes have zoomed to over $800 billion a month from less than $100 billion in five years. The overall use of stablecoins in real world transaction is slowly picking up. <\/p>\n

According to a BCG white paper on stablecoins released in May 2025, stablecoins’ payments-related uses such as cross-border remittances, merchant transactions and on-chain settlements now make up approximately 4%\u20136% of total activity. Meanwhile, trading related activities make up for 88% of the total. <\/p>\n

The OKX Pay’s three-step conversion ensures that merchants benefit from a simple, compliant way to accept stablecoin payments without having to handle digital payment tokens (DPTs) themselves.<\/p>\n

Every OKX Pay transaction is executed as a blockchain transfer using the Monetary Authority of Singapore’s purpose bound money<\/a> (PBM) framework, which applies programmable logic to ensure compliant and conditional settlement. <\/p>\n

\u201cThe future of payments will be defined by trust, speed, and interoperability \u2013 and stablecoins are at the heart of this shift,” Tianwei Liu, StraitsX CEO & co-founder, said in the statement. “The launch of OKX Pay is more than a new service but a blueprint for how stablecoins will underpin global commerce in the years ahead.”<\/p>","protected":false},"excerpt":{"rendered":"

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