Overview

• OKX Singapore’s service is live, letting customers scan GrabPay SGQR codes in the OKX SG app to pay at cafés, retail outlets and hawker stalls.
• Consumer balances in USDT or USDC are converted to StraitsX’s XSGD and then to Singapore dollars, so merchants receive funds in SGD without handling digital tokens.
• OKX Singapore operates the feature under its Major Payment Institution license from the Monetary Authority of Singapore.
• OKX says each transaction uses the MAS Purpose Bound Money framework to apply programmable, compliant settlement conditions.
• StraitsX states that XSGD is backed 1:1 with reserves held at DBS and Standard Chartered and aligned with MAS’s Project Orchid initiative.