Grub, Southeast Asia’s largest superapp, is taking a deeper step into stablecoin infrastructure with a new research agreement with Singapore-based stablecoin issuer StratusX.
The two companies announced on Tuesday that they have signed a Memorandum of Understanding (MOU) to develop a Web3-capable 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 will allow users to hold and spend Stratex-issued tokens such as XSGD and XUSD directly within the app, which is available in Singapore, Malaysia, Indonesia, Thailand, Vietnam, the Philippines, Cambodia and Myanmar.
With Grub’s wide reach in Southeast Asia, the move could significantly reshape how cross-border retail payments work in the region.
“Southeast Asia is one of the fastest-growing digital economies in the world, but payments remain fragmented and expensive,” added StreetX co-founder and CEO Tianwei Liu.
Catch a date with stable queens
This isn’t the first time Grab has dipped into the stablecoin space. The company tested limited pilots to assess blockchain-based rewards, support with Web3 wallets, and user readiness.
In 2023, Grab partnered with stablecoin issuer Circle to pilot Web 3 user experiences in Singapore. It allowed users to install blockchain wallets, earn rewards and use non-fungible token (NFT) vouchers.
In 2024, Grab allows users to top up their GrabPay wallet using crypto and stablecoins.
On May 6, Gabor partnered with a Decentralized Physical Infrastructure Network (DEPN) operating in Solana to combine blockchain-based mapping with Grab’s camera hardware and map-making technology.
While Grab is not new to stablecoins and blockchain, this deal builds on its previous experiences. It signals a much broader ambition, opting for a default high-rise settlement rail that could cover all major markets where Grab operates.
Rather than simply using stablecoins, Grab is exploring the more fundamental question of how stablecoin infrastructure should power its future payment flows.
“Web3 technologies have the potential to improve cross-border retail payments by providing consumers with a familiar experience from Grab,” said Kel J. Lim, head of Grab Financial.
They said they will work closely with StreetX to address some of these challenges for their merchants and customers.
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A large Web 3 implementation within a Grab app
At the core of this proposal is a Web3 wallet that is embedded within the capture request. It will allow users to make cross-border payments, convert between fiat and stablecoins, and receive funds from external Web3 wallets.
Along with this, traders will also get Web 3-compliant wallets that offer programmable settlement, advanced treasury tools and real-time clearing. This can lower fees and reduce liquidity challenges compared to card networks.
While the move looks promising, it will still depend on regulatory clearance in the jurisdictions that operate, each implementing different oversight models for stablecoins, e-money and digital assets.
However, the intention is clear, and is to create an interoperable settlement layer to replace the current slide, high-cost cross-border flows.
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