SINGAPORE (Reuters) -Cryptocurrency exchange OKX said on Tuesday it has launched a service allowing its customers to make payments in stablecoins to merchants on ride-hailing operator Grab’s payments platform in Singapore.
This marks the first time that GrabPay merchants in the city-state will accept direct stablecoin payments, highlighting the increasing adoption of the digital asset in the country.
Payments done using USDC or USDT stablecoins through the service, called OKX Pay, will first be converted to StraitsX’s Singapore dollar-backed stablecoin XSGD, after which merchants will receive the amount in Singapore dollars.
Interest in the use of blockchain-based stablecoins – which are pegged to a fiat currency and offer cheaper and faster transactions – has surged and many companies around the world are looking at launching their own stablecoins.
The Metro department store chain in Singapore also began accepting stablecoin payments this year.
(Reporting by Rae Wee; Editing by Edwina Gibbs)
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