OKX SG Crypto Pay Brings USDT/USDC To Daily Shopping

Introduction to OKX Pay in Singapore

OKX SG has launched OKX Pay in collaboration with crypto infrastructure provider StraitsX and the everyday services app Grab. This new service allows users to pay using USDT and USDC by scanning GrabPay SGQR codes at participating merchants.

Having obtained a payments institution license in Singapore over a year ago, OKX SG is now expanding stablecoin use from trading into everyday commerce.

How the scan-to-pay system works

When a user scans a GrabPay SGQR code at a merchant, the system converts USDT or USDC into XSGD — StraitsX’s Singapore dollar–pegged stablecoin — and then into fiat currency to settle payment with the merchant. The merchant only receives fiat and does not need to handle or manage cryptocurrencies.

All transactions occur on the blockchain under Singapore’s purpose bound money framework mandated by MAS, ensuring compliance and traceability.

Implications and market impact

Integrating stablecoins into daily payments shifts the narrative of crypto from purely investment assets to actual payment tools. This move benefits the stablecoin ecosystem in Asia, where many countries are exploring practical uses for stablecoins in daily transactions and cross-border remittances.

StraitsX has already integrated XSGD with platforms like Alipay+, Grab, GCash, KakaoPay, and Touch ’n Go, facilitating broader adoption of stablecoin payments.

Analyses show stablecoin transaction volumes have surged past $800 billion per month, up from under $100 billion a few years ago. This growth underscores increasing demand for stablecoin usage in real economy transactions.

Opportunities and challenges for stablecoin payments

Adoption of stablecoin payments requires systems that are user-friendly, cost-efficient, and regulatory compliant. OKX Pay’s auto-conversion mechanism for merchants is a user-centric approach. Still, broader adoption will depend on merchant acceptance, user familiarity, and regulatory clarity.

If successful in both technical and legal aspects, this initiative could serve as a blueprint for other markets considering stablecoin payment infrastructure.

Conclusion

OKX Pay marks a significant development in bridging stablecoins and everyday commerce in Singapore. Allowing USDT/USDC payments via QR enables accessible usage for consumers while offloading complexity from merchants. Its success may pave the way for wider stablecoin payments in other jurisdictions.

Disclaimer: This article is intended solely to provide information and market insights at the time of publication. We make no promises or guarantees regarding performance, returns, or the absolute accuracy of the data. All investment decisions are the sole responsibility of the reader.