Grab Super App Eyes Stablecoin Settlement With StraitsX

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.

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.

Related: UBS and Ant bet on blockchain to break bottleneck in global treasury flows

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.

Magazine: 2026 is the year of pragmatic privacy in crypto: Canton, Zcash and more

Source: https://cointelegraph.com/news/grab-straitsx-stablecoin-settlement-mou-web3-wallet-asia?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound

Highlights: US prosecutors requested a 12-year prison sentence for Do Kwon after the Terra collapse. Terraform’s $40 billion downfall caused huge losses and sparked a long downturn in crypto markets. Do Kwon will face sentencing on December 11 and must give up $19 million in earnings. US prosecutors have asked a judge to give Do Kwon, Terraform Labs co-founder, a 12-year prison sentence for his role in the remarkable $40 billion collapse of the Terra and Luna tokens. The request also seeks to finalize taking away Kwon’s criminal earnings. The court filing came in New York’s Southern District on Thursday. This is about four months after Kwon admitted guilt on two charges: wire fraud and conspiracy to defraud. Prosecutors said Kwon caused more losses than Samuel Bankman-Fried, Alexander Mashinsky, and Karl Sebastian Greenwood combined. U.S. prosecutors have asked a New York federal judge to sentence Terraform Labs co-founder Do Kwon to 12 years in prison, calling his role in the 2022 TerraUSD collapse a “colossal” fraud that triggered broader crypto-market failures, including the downfall of FTX. Sentencing is… — Wu Blockchain (@WuBlockchain) December 5, 2025 Terraform Collapse Shakes Crypto Market Authorities explained that Terraform’s collapse affected the entire crypto market. They said it helped trigger what is now called the ‘Crypto Winter.’ The filing stressed that Kwon’s conduct harmed many investors and the broader crypto world. On Thursday, prosecutors said Kwon must give up just over $19 million. They added that they will not ask for any additional restitution. They said: “The cost and time associated with calculating each investor-victim’s loss, determining whether the victim has already been compensated through the pending bankruptcy, and then paying out a percentage of the victim’s losses, will delay payment and diminish the amount of money ultimately paid to victims.” Authorities will sentence Do Kwon on December 11. They charged him in March 2023 with multiple crimes, including securities fraud, market manipulation, money laundering, and wire fraud. All connections are tied to his role at Terraform. After Terra fell in 2022, authorities lost track of Kwon until they arrested him in Montenegro on unrelated charges and sent him to the U.S. Do Kwon’s Legal Case and Sentencing In April last year, a jury ruled that both Terraform and Kwon committed civil fraud. They found the company and its co-founder misled investors about how the business operated and its finances. Jay Clayton, U.S. Attorney for the Southern District of New York, submitted the sentencing request in November. TERRA STATEMENT: “We are very disappointed with the verdict, which we do not believe is supported by the evidence. We continue to maintain that the SEC does not have the legal authority to bring this case at all, and we are carefully weighing our options and next steps.” — Zack Guzmán (@zGuz) April 5, 2024 The news of Kwon’s sentencing caused Terraform’s token, LUNA, to jump over 40% in one day, from $0.07 to $0.10. Still, this rise remains small compared to its all-time high of more than $19, which the ecosystem reached before collapsing in May 2022. In a November court filing, Do Kwon’s lawyers asked for a maximum five-year sentence. They argued for a shorter term partly because he could face up to 40 years in prison in South Korea, where prosecutors are also pursuing a case against him. The legal team added that even if Kwon serves time in the U.S., he would not be released freely. He would be moved from prison to an immigration detention center and then sent to Seoul to face pretrial detention for his South Korea charges. eToro Platform Best Crypto Exchange Over 90 top cryptos to trade Regulated by top-tier entities User-friendly trading app 30+ million users 9.9 Visit eToro eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment, and you should not expect to be protected if something goes wrong.