Grab Deepens Stablecoin Push With Straitsx Web3 Wallet And Settlements

Southeast Asian super app Grab’s MOU with StraitsX shifts its Web3 efforts from pilots to infrastructure, exploring a unified stablecoin settlement layer across Asia.

Grab, Southeast Asia’s largest super-app, is taking a deeper step into stablecoin infrastructure with a new exploratory agreement with StraitsX, a Singapore-based stablecoin issuer.

The two companies announced on Tuesday that they had signed a memorandum of understanding (MOU) to develop a Web3-enabled settlement layer that brings digital asset wallets, programmable payments and stablecoin-based clearing into everyday consumer experiences.

If approved by regulators and implemented, the system would allow Grab users to hold and spend StraitsX-issued tokens like XSGD and XUSD directly within the app, which is available in Singapore, Malaysia, Indonesia, Thailand, Vietnam, the Philippines, Cambodia and Myanmar.

With Grab’s extensive reach in Southeast Asia, the move could significantly reshape how cross-border retail payments operate in the region.

“Southeast Asia is one of the world’s fastest-growing digital economies, but payments remain fragmented and costly,” said Tianwei Liu, co-founder and CEO of StraitsX, adding that the collaboration will accelerate the growth in the region’s digital economy.

This is not the first time that Grab has dipped into the stablecoin space. The company tested blockchain-based rewards, collaborations with Web3 wallets and limited pilots to assess user readiness.

In 2023, Grab partnered with stablecoin issuer Circle to pilot Web3 customer experiences in Singapore. This allowed users to set up a blockchain wallet, earn rewards and use non-fungible token (NFT) vouchers.

In 2024, Grab started allowing users to top up their GrabPay wallets using crypto and stablecoins.

On May 6, Grab partnered with Natix, a decentralized physical infrastructure network (DePIN) operating in Solana, to combine blockchain-based mapping with Grab’s camera hardware and mapmaking technology.

Source: CoinTelegraph