Grab and StraitsX have partnered to explore Web3 wallets and stablecoin settlements.
TL;DR
Grab and StraitsX have partnered to explore integrating Web3 wallets into the Grab app and developing a stablecoin-based settlement system for merchants. This could expand beyond Singapore, building on Grab's existing stablecoin tests.
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According to Foresight News , citing Crowdfund Insider, Grab and Singapore-based stablecoin issuer StraitsX have signed a memorandum of understanding (MOU) to explore integrating Web3-enabled wallets into the Grab app and creating a stablecoin-based clearing and settlement layer that connects GrabPay merchants with StraitsX partner wallets. Grab has already been testing stablecoin payment channels through its merchant network. The MOU with StraitsX indicates that Grab is currently exploring the possibility of embedding stablecoin settlements more directly into its consumer wallets and expanding beyond Singapore.