Singapore Launches First Stablecoin Payment Service: OKX Pay
StraitsX, in collaboration with OKX SG and Grab, has launched OKX Pay, a pioneering stablecoin-based payment service in Singapore. This service, a first of its kind in the country, allows users to make everyday purchases using stablecoins like USDT or USDC. Tianwei Liu, CEO and Co-Founder of StraitsX, sees stablecoins as the future of payments, defined by trust, speed, and interoperability.
OKX Pay enables users to scan SGQR codes at GrabPay merchants to make instant payments in stablecoins. The service settles transactions swiftly, with merchants receiving Singapore dollars directly in their bank accounts. This addresses volatility concerns and reduces the need for merchants to handle digital payment tokens.
StraitsX's payment rails ensure instant settlement, interoperability, and reduced volatility risks for both consumers and merchants. OKX SG CEO, Gracie Lin, views this as a significant step forward for Singapore's payments landscape, expanding the use of digital payment tokens (DPTs) in everyday transactions. Plans are underway to support more stablecoins and digital currencies, and to onboard more retail, F&B, services, and everyday outlets. While specific details about international expansion and additional stablecoins are not yet available, other global players like Visa are exploring stablecoin integration for cross-border payments.
OKX Pay, powered by StraitsX and OKX SG, is set to revolutionize Singapore's payment ecosystem. By embracing stablecoins for everyday purchases, it addresses volatility and compliance concerns, offering a seamless and secure payment experience. As the service continues to grow and expand, it promises to simplify remittances and support borderless commerce.
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