OKX Singapore launches stablecoin scan-to-pay service 

Amid growing stablecoin adoption, the Singapore branch of crypto exchange OKX has launched a scan-to-pay stablecoin service for GrabPay merchants in the country. The payment service, called OKX Pay, was made possible through OKX Singapore’s collaboration with StraitsX—a stablecoin payment infrastructure—and Grab, the ride-hailing operator.

Stablecoin payment for daily service

The stablecoin payment option by OKX enables users to pay at GrabPay-connected merchants. As of now, OKX Wallet supports Tether’s USDT and Circle’s USDC for payments. For GrabPay merchants, this stablecoin payment service is a first-of-its-kind.  

How does stablecoin scan-to-pay service work?

When a customer purchases a product and pays using stablecoins, the merchant receives Singapore dollars, with the stablecoin conversion happening behind the scenes. In other words, customers can pay using USDC or USDT through OKX Pay, which will then be converted to StraitsX’s Singapore dollar-backed stablecoin — XSGD. Ultimately, merchants will get paid in Singapore dollars. 

Stablecoin payments are already booming in Singapore

Metro, a leading department store chain in Singapore, has earlier teamed up with crypto payments provider DTCPay to enable stablecoin payment on its online platform and in physical stores. The department store accepts USDT, USDC, WUSD, and FDUSD.

According to a report by Chainalysis, stablecoin payments in Singapore have crossed a record high of nearly $1 billion in Q2 2024. Chainalysis executives emphasized that businesses use stablecoins due to their “efficiency and low cost.”