OKX Singapore has officially launched a stablecoin-powered payment service in the city-state, though details surrounding a reported Visa debit card have been clarified. According to the exchange's announcement, the live product is OKX Pay, a scan-to-pay service that allows users to spend USDT or USDC at merchants partnered with GrabPay by scanning SGQR codes.
Merchants receive Singapore dollars (SGD) for transactions, while customers spend directly from their stablecoin balances. This service is enabled through collaborations with regulated payment service provider StraitsX and the GrabPay network. StraitsX described the rollout as Singapore's first stablecoin scan-to-pay service.
In an interview, OKX SG CEO Gracie Lin outlined the vision behind the payment infrastructure, emphasizing self-custody, compliance, and cost advantages. "The motivation is straightforward: stablecoins should be as easy to spend as any other form of money," Lin stated. She highlighted that OKX Pay acts as the spending layer, allowing users to hold stablecoins in their own wallet and spend them directly without a conversion step or transfer to a third-party account.
Regarding a debit card product, reports of a Singapore-issued Visa card were not confirmed by OKX, Visa, or the Monetary Authority of Singapore (MAS). Evidence points to the OKX Card being a Mastercard-linked product, stemming from a partnership announced in April 2025. OKX's European documentation also frames the card as part of a Pay-plus-Mastercard stack.
OKX SG PTE. LTD. is listed in the MAS financial institutions directory as a Major Payment Institution authorized for Cross-border Money Transfer Service and Digital Payment Token Service, which covers the scan-to-pay mechanics but not necessarily card issuance.
Lin indicated that the longer-term vision is a self-custodial platform where users can hold, spend, and grow their digital assets within a compliant framework. The Singapore launch represents a step toward broader stablecoin utility, even as market sentiment remains cautious, with the Fear & Greed Index reading 23 (Extreme Fear).
