OKX SG Introduces USDT and USDC Scan-to-Pay for Everyday Shopping in Singapore

OKX SG, the Singapore-based arm of the crypto exchange OKX, is now offering a stablecoin-powered payment solution in collaboration with StraitsX and Southeast Asia’s “everyday everything” app, Grab. This system allows users to make payments with USDT and USDC by scanning GrabPay SGQR codes at participating merchants, making digital assets practical for daily transactions beyond trading or investing.

The initiative comes after OKX SG obtained a major payment institution license from Singapore’s central bank over a year ago, paving the way for compliant integration of stablecoins in consumer payments. Working alongside StraitsX, the service converts USDT or USDC into XSGD, StraitsX’s Singapore-dollar-pegged stablecoin, which is then transformed into fiat for merchant settlement.

Expanding Stablecoin Use Beyond Trading

The move underscores the growing adoption of stablecoins in commercial ecosystems across Asia-Pacific and beyond. StraitsX’s XSGD is already integrated with Alipay+ and Grab, enabling wallets such as GCash, KakaoPay, and Touch ’n Go to handle stablecoin payments.

In emerging markets, stablecoins are increasingly used for remittances and everyday purchases, favored for lower transaction fees and faster settlement times compared to traditional banking methods. Gracie Lin, CEO of OKX SG, highlighted that the system addresses real customer needs by extending digital payment tokens (DPTs) to practical uses, from morning coffee to dining out.

How the OKX Pay Scan-to-Pay System Works

The system operates in three steps:

1. Users scan the GrabPay SGQR code at the merchant.

2. USDT or USDC is converted into XSGD, ensuring a stable value.

3. XSGD is exchanged into fiat currency and sent to the merchant, completing a compliant and seamless transaction.

This process ensures that merchants do not need to handle digital assets directly while benefiting from secure, programmable blockchain transfers. Each transaction follows the Monetary Authority of Singapore’s Purpose Bound Money (PBM) framework, applying logic that guarantees conditional and compliant settlement.

Stablecoins at the Core of Modern Payments

Stablecoins are digital tokens pegged to fiat currencies, minimizing volatility compared with traditional cryptocurrencies. This stability allows them to function as practical payment tools while retaining the benefits of blockchain technology, including speed, transparency, and global accessibility.

According to JPMorgan, stablecoin transaction volumes have surged to over $800 billion per month, up from under $100 billion five years ago. Meanwhile, a BCG report from May 2025 indicates that payments-related activity—such as merchant transactions, remittances, and on-chain settlements—now accounts for roughly 4%–6% of total stablecoin use, signaling gradual adoption outside trading.

Tianwei Liu, CEO and co-founder of StraitsX, emphasized that the adoption of stablecoins is shaping the future of payments, driven by trust, speed, and interoperability. He explained that the system serves as a blueprint for integrating stablecoins into everyday commerce, showcasing how digital assets can underpin global economic activity in the coming years.

Implications for Singapore and Regional Markets

This development positions Singapore as a leading hub for practical cryptocurrency adoption. By providing a way for consumers to pay with stablecoins at local merchants, OKX SG and StraitsX are bridging the gap between crypto finance and mainstream retail.

For users, this means a convenient method to spend USDT and USDC without worrying about volatility. For merchants, it provides a compliant, secure, and seamless payment option while tapping into the growing community of digital asset holders.

With partnerships like this, stablecoins are moving beyond speculative assets into tools for everyday transactions, reflecting a broader trend in the Asia-Pacific region where blockchain-based payments are gaining practical traction.

Conclusion

OKX SG’s collaboration with StraitsX and Grab highlights the practical use of stablecoins in Singapore’s retail ecosystem. By allowing USDT and USDC payments via scan-to-pay, the system provides speed, security, and compliance, offering a glimpse into a future where digital assets integrate with everyday life. As stablecoins gain momentum, initiatives like this signal a growing shift toward crypto-enabled commerce across Southeast Asia.