Grab Holdings and Singapore-based stablecoin issuer StraitsX have signed a memorandum of understanding to explore building Web3-linked wallets and a stablecoin settlement network, the companies said.
The partnership could let Grab users pay merchants across Asian markets using regulated digital tokens, per the announcement.
Under the MOU, the firms will study integrating a Web3-enabled wallet inside the Grab app and creating a stablecoin-based clearing and settlement layer that connects GrabPay merchants with StraitsX partner wallets.
The plan envisions Grab users holding and spending stablecoins such as StraitsX’s Singapore dollar-pegged XSGD and U.S. dollar-pegged XUSD, and allowing customers using external Web3 wallets to pay Grab merchants, with settlement handled on-chain and merchants receiving funds through existing payment rails.
StraitsX is regulated in Singapore as a Major Payment Institution and issues stablecoins including XSGD and XUSD, which are fully backed by fiat reserves, according to its website and recent industry briefings.
The companies did not disclose any financial terms or timelines, and said any rollout would depend on regulatory approvals in each market.
If implemented, the initiative would expand Grab’s payments business into tokenised funds transfer and cross-border settlement, an area drawing rising interest among Asian fintechs seeking cheaper, faster alternatives to card networks and correspondent banking.
Singapore’s central bank has said it will tighten stablecoin rules and widen tokenisation trials from 2026, underscoring regulators’ push to keep such systems reserve-backed and redeemable at par.
Grab has already tested stablecoin rails through partnerships on its merchant network.
In September, crypto exchange OKX launched a service letting users pay Singapore GrabPay merchants in USDC or USDT, which are converted into XSGD before merchants receive Singapore dollars.
The MOU with StraitsX suggests Grab is now examining whether stablecoin settlement can be embedded more directly into its own consumer wallet and scaled beyond Singapore.
Across the region, major payments players are also weighing stablecoin use for cross-border transfers.
Ant International, for instance, has said it is considering stablecoin licence applications in several jurisdictions as the technology moves toward mainstream payments.
