So, Apparently We’re Paying with Crypto Now…
- OKX SG decided everyday people need *more* crypto in their lives. Bless their hearts.
- You can now use USDC and USDT to pay for stuff by scanning a QR code. Because that’s what everyone’s been waiting for.
- They’re trying to make crypto less about “number go up” and more about…getting a latte? Bold strategy.
OKX SG, the Singapore branch of…well, OKX, is rolling out OKX Pay. It’s basically letting you use your digital funny money to buy, I don’t know, chicken rice. In partnership with Grab, Southeast Asia’s app that does absolutely everything, naturally.
They got a fancy license from the Singapore central bank (a year ago! Very established!) and teamed up with StraitsX. The goal? Let you spend USDT (issued by Tether – yes, that Tether 😬) and USDC (Circle Internet, which sounds suspiciously like a spy ring) on boring things like groceries.
Apparently, stablecoins are getting popular in Asia. Who knew? StraitsX’s XSGD is already messing with Alipay+, so wallets like GCash and KakaoPay are also involved. In some places, people are actually using these things for, like, paying bills. It’s…a lot.
“OKX Pay addresses real needs,” says Gracie Lin, CEO of OKX SG, as if we all secretly yearned for crypto-powered caffeine runs. She says it moves beyond “trading and investing” to “everyday payments.” Because clearly, those are the priorities.
Here’s how it works: you scan a GrabPay QR code, your USDT/USDC gets converted to XSGD (StraitsX’s Singapore dollar thingy), and *then* it becomes actual money for the merchant. It’s…efficient? Complicated? Both, probably. 🤪
Stablecoins, for those of you living under a rock, try to be stable by being tied to real-world currencies. It’s like pretending your Monopoly money is actual legal tender. They’re supposed to be less volatile than, say, Dogecoin, and faster than sending a wire transfer.
JPMorgan says there’s like, $800 billion in stablecoin transactions every month. That’s…stuff. A BCG study says payments are, like, 4-6% of stablecoin activity. The rest is people trying to make a quick buck. Go figure.
The three-step conversion process means merchants don’t have to deal with the whole “crypto thing.” Which, honestly, is probably good for everyone involved. Especially the merchants.
It’s all done using Singapore’s “purpose bound money” thing, which means it’s somehow compliant. (Don’t ask me how. I just write the jokes.)
“The future of payments will be defined by trust, speed, and interoperability…” says Tianwei Liu, StraitsX CEO. Sounds important! Basically, they think this is the start of a beautiful, blockchain-fueled future. 🤷♀️
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2025-09-30 08:05