Singapore based stablecoin issuer StraitsX announced an agreement with Grab, the South East Asian equivalent to Uber. StraitsX will help Grab develop a web3 wallet as part of Grab’s superapp, which includes GrabPay. Additionally, StraitsX is developing a stablecoin payments network for clearing and settlement across the markets where Grab is active. Ultimately this will promote the usage of StraitsX’s XSGD and XUSD stablecoins.
During 2024, Grab had 41 million monthly transacting users, of which 26 million used it for financial services. The StraitsX deal should enable GrabPay to offer faster cross border payments. In addition to P2P payments, it will support consumer to business payments, given Grab’s large footprint in deliveries and ride-hailing. So it will enable Grab’s merchants to start accepting stablecoin payments, while providing the same user friendly interface its customers are accustomed to. StraitsX also has its eye on enabling treasury solutions for those merchants.
“Grab sees potential for Web3 technologies to improve cross-border retail payments while providing a familiar experience for users. We look forward to working with StraitsX to bring their capabilities and expertise to bear in solving these problems for our consumers and merchants,” said Kell Jay Lim, Head of Grab Financial.
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