Grab, StraitsX, and OKX Launch Stablecoin Web3 Wallet in Asia with $10M Backing

Grab Financial Group, StraitsX, and OKX Singapore have partnered to launch a Web3 wallet and payment service focused on stablecoin transactions in Asia. The initial rollout began in Singapore, with cross-border pilots planned for Thailand and further expansion across the region. This initiative is supported by a $10 million strategic investment from UQPAY, with existing backer NTT Docomo also participating in the funding round.

The collaboration aims to enhance payment convenience by integrating OKX Pay with GrabPay through StraitsX's settlement network, enabling merchants to accept stablecoins without disrupting existing workflows. Lim Kell Jay, Regional Head of Grab Financial Group, stated, "This partnership reflects Grab’s ongoing commitment to reducing friction and enhancing the payment experience for consumers and small to medium-sized businesses."

StraitsX, part of the Fazz Financial Group ecosystem, will use the funding to strengthen its three-pillar strategy: enterprise APIs for on- and off-ramps between stablecoins and fiat, cross-border payments with programmable settlement corridors, and virtual/physical card programs in partnership with entities like RedotPay and Visa. Recent milestones include the listing of StraitsX's U.S. dollar and Singapore dollar stablecoins, XUSD and XSGD, on major exchanges such as Coinbase and OKX.

The rollout targets retail and F&B sectors, offering increased payment flexibility and testing cross-border solutions, signaling a shift toward stablecoin adoption in Asia's financial infrastructure.