Grab, StraitsX partner for in-app Web3 wallets, stablecoin settlements

Grab users can spend with Web3 and transact XSGD or XUSD for cross-border settlements.

Grab and StraitsX signed a partnership that aims to integrate Web3-connected payments on the Grab app and a stablecoin-based payment network across participating markets in Asia.

The proposed integration in Grab will enable GrabPay merchants across major Asian markets to begin accepting stablecoin payments from both domestic and international consumers via widely used Web3 wallets.

Subject to adherence to regulatory requirements, Grab users may be able to hold and transact with stablecoins such as StraitsX-issued XSGD and XUSD for cross-border settlement.

This can also have the option to convert between fiat and other stablecoins within the app.

The collaboration will consider evolving money-laundering and terrorism-financing threats so they are mitigated once the integration is complete, the two firms said.

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