Grab is taking one of its biggest steps yet into digital assets, signing a new agreement with Singapore-based stablecoin issuer StraitsX to explore building a Web3-powered settlement layer directly inside its super-app.
Key Takeaways:
- Grab is exploring a Web3 settlement layer with StraitsX that would let users hold and spend stablecoins inside its super-app.
- The partnership seeks to streamline cross-border payments across Southeast Asia.
- The move marks Grab’s biggest Web3 push yet, shifting from small pilots to evaluating full stablecoin-powered payments.
Announced on Tuesday, the memorandum of understanding (MOU) outlines plans to integrate digital asset wallets, programmable payments, and stablecoin-based clearing into daily consumer transactions.
If regulators approve the framework, Grab users across eight Southeast Asian markets, including Singapore, Malaysia, Indonesia, Thailand, Vietnam, the Philippines, Cambodia, and Myanmar, could eventually hold and spend StraitsX-issued stablecoins such as XSGD and XUSD directly within the app.
Grab’s Stablecoin Push Could Transform Cross-Border Payments in Southeast Asia
For a company with Grab’s scale, such a shift could reshape how cross-border payments function in one of the world’s most dynamic digital economies.
“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.
He noted that the partnership could help unlock smoother and more efficient payment rails throughout the region.
Grab’s move comes after years of experimenting with crypto and blockchain tools. In 2023, the company teamed up with Circle to test Web3 rewards and NFT-based vouchers in Singapore.
In 2024, it introduced the ability to top up GrabPay wallets with crypto and stablecoins. More recently, Grab partnered with Natix to bring Solana-powered decentralized mapping features to the platform.
However, the StraitsX collaboration marks a major escalation. Instead of limited pilots, Grab is now evaluating a full Web3 settlement layer that could underpin its core payments business across all major markets.
Rather than simply adding stablecoin support, the company is exploring which on-chain infrastructure should power future cross-border flows and merchant payments.
“Grab sees potential for Web3 technologies to improve cross-border retail payments while providing a familiar experience for users,” said Kell Jay Lim, head of Grab Financial Group.
He added that the company plans to work closely with StraitsX to address existing pain points for merchants and consumers.
Grab Plans Built-In Web3 Wallet to Power Cross-Border Stablecoin Payments
A key part of the proposal is an embedded Web3 wallet inside the Grab app. This wallet would support fiat-to-stablecoin conversion, cross-border transfers, and inbound payments from external Web3 wallets.
Merchants, meanwhile, would gain Web3-based treasury tools, programmable settlement options, and near-instant clearing, potentially reducing reliance on expensive card networks.
Whether the system launches will depend on regulatory approvals across Southeast Asia, where rules for stablecoins and digital assets vary widely.
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