OKX SG Launches Stablecoin Scan-to-Pay Service in Singapore
OKX SG is introducing its integrated payments service, OKX Pay, in Singapore through a partnership with Grab. The service utilizes USDT and USDC stablecoins, allowing users to pay for everyday expenses via scan-to-pay technology.
- OKX SG's collaboration with StraitsX enables payment using USDT and USDC, converted into XSGD, a Singapore dollar-pegged stablecoin.
- The service aims to expand the usage of digital payment tokens (DPTs) beyond trading to everyday transactions.
- Stablecoins are becoming increasingly adopted in commercial networks due to lower transaction fees and faster settlement times compared to traditional banking.
- Transactions use the Monetary Authority of Singapore's purpose bound money framework for compliant settlements.
- Stablecoin transaction volumes have grown significantly, reaching over $800 billion monthly.
- Current use of stablecoins for payments, such as remittances and merchant transactions, constitutes about 4%-6% of total activity, while trading activities dominate at 88%.
The initiative highlights the growing role of stablecoins in global commerce, emphasizing their potential in transforming payment systems.