Grab and StraitsX collaborate to develop web3 wallets and stablecoin settlement across Asia

Key Takeaways

• Grab and StraitsX are collaborating to develop web3 wallets and stablecoin-based payment infrastructure across Asia.
• The partnership will enable Grab users and merchants to transact with stablecoins like XSGD and XUSD for efficient cross-border payments.

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Southeast Asia super-app Grab has signed a strategic memorandum of understanding with StraitsX to assess the rollout of a web3-enabled payments network that could support digital transactions across Asia, the companies said Tuesday.

The collaboration targets integrating web3 wallets into the Grab app and establishing a stablecoin-based payment network that includes compliant and efficient transaction processes across multiple markets.

The proposed setup aims to enhance digital payment experiences for consumers and merchants by enabling stablecoin transactions and streamlining cross-border settlements, while maintaining rigorous compliance with anti-money laundering and terrorism financing regulations.

The companies said that, pending regulatory compliance, Grab users may be able to hold and spend StraitsX stablecoins, including XSGD and XUSD. These stablecoins are built for enterprise-level cross-border transfers, with the possibility of converting between fiat and other stablecoins in-app.

Commenting on the collaboration, Tianwei Liu, Co-Founder and CEO of StraitsX, said it is aimed at seeking to address payment fragmentation, high transaction costs, and limited cross-border interoperability in Southeast Asia’s fast-growing digital economy.

“Southeast Asia is one of the world’s fastest-growing digital economies, but payments remain fragmented and costly,” Liu said in a statement. “By uniting Grab’s scale with StraitsX’s established stablecoin infrastructure, proven track record in market expansion, and network of partners across broader Asia, we can deliver a financial network that is faster, cheaper, more inclusive, and regulatory-compliant.”

The web3-connected wallet will allow Grab users across markets to seamlessly engage with the digital asset economy. Users will be able to conduct cross-border payments and pull funds directly from existing web3 wallets, all within a single platform.

For merchants, programmable settlement features and on-chain treasury tools will offer new liquidity and capital management efficiencies.

“Grab sees potential for web3 technologies to improve cross-border retail payments while providing a familiar experience for users. We look forward to working with StraitsX to bring their capabilities and expertise to bear in solving these problems for our consumers and merchants,” said Kell Jay Lim, Head of Grab Financial.