SINGAPORE — Grab (GRAB) and stablecoin operator Circle plan to conduct a pilot for a Web3 wallet within the Grab superapp.
The Grab Web3 Wallet will be available to users of the ride hailing, food delivery and digital payments app in Singapore to use vouchers in non-fungible token (NFT) form and earn rewards and collectibles, the companies said. The first stage of the pilot will be during the Singapore Grand Prix on Sept. 17.
Grab has around 180 million users, making it one of the most popular consumer apps in Southeast Asia. Circle operates the USD Coin (USDC) stablecoin, whose value is pegged 1:1 to the U.S. dollar.
"I think it’s gonna be very easy for us to imagine a world next year where we can take a billion users and have access to Web3, and therefore have access to transacting stablecoins," Circle CEO Jeremy Allaire said at Token2049 in Singapore.
Amitoj Singh contributed reporting.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.