OKX’s Singapore arm has released a feature allowing for stablecoin payments to be made to GrabPay merchants via its OKX Pay rollout to the South-East asian country, as per an official announcement by the crypto exchange firm.
The GrabPay merchant network comprises a substantial portion of hawkers, stalls, and shops that use the platform’s cashless payment solutions to conduct transactions.
While GrapPay now represents a broader suite of services, it initially offered a cashless payment feature for ride-hailing service GrabCar.
Customers can now make their payments through USDC or USDT using QR codes, and merchants will be able to receive their money in SGD.
The update comes as stablecoin payments are being implemented globally by cryptocurrency and financial firms as a method to settle transactions with merchants and business owners.
Tether’s USDT was introduced a week ago as a payment option in Bolivia for car companies such as Toyota, Yamaha, and BYD.
OKX is not just rolling out new features to Singapore but other countries as well such as Australia, where it released a crypto feature for the country’s superannuation fund two weeks back.