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Singapore users can now top up GrabPay wallet using Stablecoins

Licensed crypto payments provider Triple-A has teamed up with Southeast Asian ride-hailing super app Grab to introduce a feature that allows its users to top up their GrabPay Wallets using Digital Payment Tokens. This top-up method went live on 12 March 2024.

This initiative aims to offer users more convenience by enabling the conversion of digital currencies into spendable funds within their GrabPay Wallets.

The five supported digital currencies at this stage include Bitcoin (BTC), Ether (ETH) as well as stablecoins such as StraitsX Singapore Dollar (XSGD), Tether (USDT), and USD Coin (USDC).

Grab will not need to hold custody of any digital payment tokens or manage digital currencies on its balance sheet as Triple-A would be converting digital currencies into dollars with bank settlements instantly.

A Grab spokesperson shared that this offering is currently available in Singapore, the superapp will “continue to monitor user adoption and respond to demand for such services”.

Currently available in Singapore, this feature marks Grab’s continued exploration into the digital currency space, reflecting on its previous collaboration with Circle Internet Financial in September 2023 to test Web3.0 experiences among its users in Singapore.

This collaboration enabled the rollout of a blockchain-enabled ‘Grab Web3 Wallet,’ giving users the ability to earn rewards and collectibles, as well as utilise non-fungible token (NFT) vouchers.

At the inception of the Grab Web3 Wallet, it supported only the Polygon blockchain, allowing storage of two types of digital assets: SG Pitstop vouchers and digital collectibles from the SG Pitstop Pack.

SOURCE: Fintech Singapore