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.

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Grab application in the Philippines allows crypto and stablecoin top-ups. Source: Grab app

Grab’s history with stablecoins

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.  

While Grab is not new to stablecoins and blockchain, the deal marks an escalation from its previous experiments. It signals a much broader ambition, which is selecting a default onchain settlement rail that could underpin all major markets where Grab operates. 

Instead of simply using stablecoins, Grab is exploring the more fundamental question of which stablecoin infrastructure should power its future payment flows. 

“Grab sees potential for Web3 technologies to improve cross-border retail payments while providing a familiar experience for users,” said Kell Jay Lim, the head of Grab Financial.

He said that they will work with StraitsX to solve some of these challenges for their merchants and consumers.

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A bigger Web3 implementation within the Grab app

At the core of the proposal is a Web3 wallet embedded inside the Grab application. This would allow users to perform cross-border payments, convert between fiat and stablecoins and even receive funds from external Web3 wallets. 

With this, merchants will also receive Web3-compatible wallets that offer programmable settlement, onchain treasury tools and real-time clearing. This could lower fees compared to card networks and reduce liquidity challenges.

While the initiative sounds promising, it would still depend on regulatory clearances across the jurisdictions that Grab operates in, with each implementing different supervision models for stablecoins, e-money and digital assets. 

However, the intention is clear, and it’s to build an interoperable settlement layer to replace the current siloed, higher-cost cross-border flows. 

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