Overview

• Users can scan GrabPay SGQR codes in the OKX SG app to spend USDT or USDC at participating merchants, with merchants receiving Singapore dollars.
• Payments convert from USDT or USDC to StraitsX’s XSGD and then to fiat, with each transaction executed on-chain under MAS’s Purpose Bound Money framework.
• OKX SG operates the service under its Major Payment Institution license obtained from the Monetary Authority of Singapore.
• The company describes OKX Pay as Singapore’s first stablecoin-powered scan-to-pay offering for GrabPay merchants, tapping cafés, restaurants, retail outlets, and hawker stalls.
• Industry research cited in the announcement notes stablecoin volumes exceed $800 billion a month per JPMorgan, while payments use represents roughly 4%–6% of activity according to BCG.