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Stable coins conquer Singapore: Okx Pay revolutionizes payment transactions!
Okx Singapore introduces StableCoin payments with OKX Pay, enables everyday purchases via Grabpay in SGD with USDT and USDC.
Stable coins conquer Singapore: Okx Pay revolutionizes payment transactions!
On October 2, 2025, OKX Singapore took a significant step into the integration of crypto payment services by introducing stable coin payments for everyday purchases. With the new function, which is known as OKX PAY, customers can now pay with the stable coins Tether (USDT) and USD Coin (USDC) from dealers who use GrabPay. This innovation is Singapore's first stable coin-based scan-to-play service.
The payments are immediately converted into Singapore Dollar (SGD) and processed via Straitsx. Customers only have to scan a Grabpay SGQR code via the OKX SG app, and the payment is processed immediately. Dealers receive Singapore dollar directly, while the corresponding amount is deducted from the customer's stable coin credit. This functionality makes it easy for retailers because you do not have to take any additional steps in payment processing.
Background and partnerships
The introduction of OKX PAY is the result of a strategic partnership with Straitsx and grave. This cooperation shows that Grabpay offers a wide network of cafes, restaurants, retail stores and Hawker stands for stable coin transactions. According to reports from Crypto News Could the start of this Singapore service continue to establish as a center for regulated stable coins and could represent a model for the integration of crypto into regulated financial systems.
Okx itself has a Major Payment Institutional license from the Monetary Authority of Singapore (MAS). This ensures compliance and transparency that is necessary for the operation of such innovative payment services. Straitsx’s XSGD, which is used as a means of payment, is fully covered by reserves at DBS Bank and Standard Chartered and aligned with the Orchid project to ensure the highest standards of transparency and compliance.
The introduction of stablecoins into the everyday payment network could revolutionize the way consumers and dealers interact with each other. Okx Pay brings stable coins from the trading platforms in everyday use, which could significantly increase the acceptance of these digital currencies.