This immediate settlement will take place through the Singapore dollar-denominated regulated stablecoin, which is facilitated through blockchain technology, including the Avalanche network to power backend payment acceptance flows with purpose bound money (PBM).
Singapore-based stablecoin issuer StraitsX launched its stablecoin-powered payment system with Ant International and Grab on Nov 5. This follows a memorandum of understanding that was announced at the Singapore Fintech Festival 2023.
The payment system enables immediate Singapore dollar settlement payment for GrabPay merchants and Alipay+ payment partners receiving funds from inbound tourists.
