Stablecoin payments reach GrabPay merchants in Singapore

Stablecoin payments entered Singapore’s mainstream rails as OKX launched a service. Customers can pay GrabPay merchants with USDC and USDT; funds convert via XSGD and are settled in Singapore dollars. The option reflects rising merchant interest.

What is OKX Pay Singapore and how does it work?

OKX’s product, branded as OKX Pay, connects crypto wallets to Grab’s payment network in Singapore. Users pay with USDC or USDT, which are routed into StraitsX’s XSGD stablecoin before merchant settlement in SGD.

In this setup, the conversion step reduces direct crypto settlement frictions. The service launched on September 30, 2025, in partnership with StraitsX and Grab, and it operates by letting users scan GrabPay SGQR codes to initiate on‑chain transfers that are converted and settled in fiat, according to the StraitsX announcement and Reuters coverage.

How does the GrabPay USDC integration affect merchants?

This grabpay usdc integration marks the first instance for GrabPay merchants in Singapore to accept direct stablecoin-originated payments. Merchants gain a faster on‑ramp from crypto to fiat, which can ease cashflow.

However, some firms may need system updates to handle payment reconciliation. Notably, the Metro department store chain adopted a similar stablecoin acceptance approach in 2023, according to Reuters.

What is the XSGD conversion process and who issues XSGD?

The xsgd conversion process routes USDC or USDT into XSGD, StraitsX’s SGD‑backed stablecoin. XSGD is then redeemed for Singapore dollars and paid out to merchants. StraitsX acts as issuer and liquidity provider.

Specific operational timing and fee details are subject to the partners’ commercial terms; further information is available on the StraitsX website.

What USDT payment options are available for consumers and businesses?

Consumers can use wallets that support USDT or USDC via OKX Pay. Businesses receive settlement in SGD, thereby avoiding direct exposure to crypto price swings. Moreover, firms can leverage stablecoins for faster cross‑border receipts compared with some legacy rails.

That said, fee schedules and supported wallet providers depend on OKX and Grab’s commercial terms.

• OKX launched a stablecoin checkout for GrabPay merchants in Singapore.
• USDC or USDT payments are converted to XSGD and settled in SGD.
• This marks the first direct stablecoin acceptance on GrabPay in Singapore.
• The Metro department store chain showcased similar stablecoin use in 2023.
• Reporting by Rae Wee; editing by Edwina Gibbs. Source: Reuters.

Why does merchant stablecoin acceptance in Singapore matter to markets?

Adoption of stablecoin rails by mainstream platforms signals institutional maturity. Investors view it as tighter integration between crypto and retail payment flows. Moreover, it can reduce cross‑border friction and open new treasury management use cases.

Therefore, regulators and compliance teams will likely monitor potential money‑laundering and operational risks.

How does this development fit into broader crypto payments for merchants trends?

Crypto payments for merchants have moved from pilots to commercial rollouts. Singapore now positions itself as a regional digital‑asset hub, and initiatives like OKX Pay add to that momentum.

Previously, merchants experimented with crypto receipts; now seamless conversion to fiat is prioritised. Consequently, the system may attract retailers seeking lower card fees and faster settlements, as discussed in recent market analyses.

What are the risks and regulatory considerations?

Regulators will scrutinise compliance and consumer protection measures. While stablecoins reduce volatility risk, concerns remain about reserve transparency and issuer governance.

Moreover, the conversion pathway through XSGD creates operational concentration that requires robust oversight. Therefore, participants should weigh settlement speed against compliance and reputational challenges.

In short, the OKX–GrabPay tie‑up offers a pragmatic path: it merges familiar payment methods with behind‑the‑scenes crypto rails. As a result, merchants and investors will watch further rollouts to gauge institutional acceptance of stablecoins in everyday payments.