Summary
- OKX said it launched a stablecoin payment service in Singapore.
- The service converts crypto assets such as Tether (USDT) and USDC into XSGD to enable payments through Grab.
- OKX SG said it obtained the relevant license from the Monetary Authority of Singapore.
Global virtual asset (cryptocurrency) exchange OKX is launching a stablecoin (a virtual asset pegged to fiat currency) based payment service in Singapore.
On the 30th (Korea time), according to crypto outlet CoinDesk, OKX's Singapore unit OKX SG launched the stablecoin payment service 'OKX Pay' through partnerships with StraitsX and Grab.
OKX Pay is a platform that allows the use of crypto assets such as Tether (USDT) and USDC for everyday payments; when a user pays via Grab, their held Tether and USDC are converted to the Singapore dollar stablecoin XSGD and then settled.
OKX SG has recently obtained the relevant license from the Monetary Authority of Singapore.
Gracie Lin, CEO of OKX SG, said, "OKX Pay expands the use of digital payment tokens (DPT) beyond investment and trading to everyday payments, from morning coffee to dining out."
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
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