Overview
- Users can scan GrabPay SGQR codes in the OKX SG app to spend USDT or USDC across GrabPay’s merchant network.
- StraitsX converts incoming payments to XSGD and then to SGD, giving merchants immediate local-currency settlement without holding digital tokens.
- Transactions operate under OKX’s Major Payment Institution license and apply the Purpose-Bound Money framework for programmable compliance.
- OKX, Grab, and StraitsX plan to expand merchant coverage, add additional stablecoins, and explore cross-border settlement rails.
- XSGD, the settlement bridge in the flow, is fully backed by reserves at DBS and Standard Chartered and listed on Coinbase on Oct. 1.