Grab Expands Stablecoin Strategy With StraitsX Web3 Wallet and Settlement Tools

and StraitsX aim to make Web3-connected wallets for the Grab platform as part of the strategic Memorandum of Understanding (MOU). StraitsX will work on the technological side of these wallets, adding features like secure custodial storage and programmable payment processing. 

The goal is to combine the best of both Web2 and payments so that GrabPay businesses may take stablecoins alongside their current digital infrastructure. This will let both domestic and international customers make stablecoin payments through familiar interfaces while making sure that they follow all of the new financial rules.

Stablecoin Settlement Layer across All of Asia

The proposed payment network will let Grab users hold and use -issued stablecoins like XSGD and XUSD, which are made for settling payments across borders. The goal of the project is to make it simple to switch between fiat currencies and stablecoins, which will be possible through the Grab app. 

The platform aims to fix long-standing difficultys with payments in Southeast Asia by using to settle transactions in real time and make them FX-transparent. This lowers transaction costs, gets rid of cross-border silos, and avoids the exorbitant merchant fees that come with traditional card networks.

Making Finances More Accessible and Efficient

The goal of this alliance is to make the regional payments system more unified by building a single, interoperable network. Programmable treasury tools and management will assist businesses save money, and customers will be able to purchase and trade things across borders without any difficultys. 

The architecture is meant to be integrated only once, which makes it easier for diverse systems to work together and allows for the creation of new programmable financial products, all while following the best practices set by regulators.

Reason and Vision For The Industry

Tianwei Liu, CEO of StraitsX, said that combining Grab’s regional reach with StraitsX’s infrastructure and partner ecosystem would create a financial network that is quicker, cheaper, and more open to everyone while still following the rules. 

Kell Jay Lim, the head of Financial, stated that Web3 technology could facilitate easier cross-border payments, ultimately enhancing the experience for both customers and businesses.

Both companies want to increase support and interoperability for these Web3 payment systems across Asia in the future. This will strengthen Southeast Asia’s rise as a center for regulated digital asset innovation that works with real-world business.