Stablecoin QR Code Payments: Exploring the "Last Mile" in the Crypto World
The integration of stablecoin payments and QR code systems is quietly changing the underlying logic of payment systems. A few years ago, people were still discussing whether digital currencies could enter daily life. Now, in some countries, scanning an ordinary merchant QR code may actually complete a payment settled with crypto stablecoins in the background. From Southeast Asia to South America, stablecoin QR code payment systems are gradually taking shape.
Vietnam and the Philippines: Financial Inclusion
In Vietnam and the Philippines, the promotion of stablecoin QR code payments is closely linked to the goal of financial inclusion. The banking systems in both countries have limited coverage, and a large number of low- and middle-income people rely on e-wallets for daily payments. According to World Bank data, in 2023, over 30% of adults in Vietnam still did not have a bank account, while in the Philippines the figure was close to 44%.
In June 2025, Bitget Wallet announced the integration of its crypto payment function with the "national unified QR code system," supporting VietQR in Vietnam and QR PH in the Philippines, allowing users to pay directly by scanning with stablecoins such as USDT or USDC.
This move is not a symbolic "crypto payment concept," but is truly embedded in the local payment network. Consumers complete payments by scanning a code, and the system automatically converts stablecoins to local fiat currency in the background. Merchants do not need to handle crypto assets or bear exchange rate risks. Bitget stated on its official blog that the goal of this design is "to make the crypto payment experience no different from ordinary e-wallets."
Vietnam's payment environment provides natural soil for this attempt. VietQR is a standardized QR code system led by the country's interbank payment association, covering major banks and wallet services nationwide. When stablecoins such as USDT enter the VietQR payment track, it essentially grafts blockchain liquidity onto the national financial network. After users scan the code, the transaction is initiated through a crypto wallet and settled in stablecoins, while merchants still receive payments denominated in Vietnamese dong. For regulators, this both retains the dominance of local currency settlement and allows international capital flows to penetrate the retail market more efficiently.
Brazil: Fighting Inflation and System Integration
Brazil's core motivation is to fight inflation and attract international crypto funds. Since 2024, Brazil's inflation has remained above the target range, and the local currency, the real, is frequently replaced in digital asset transactions. By allowing users to pay directly with stablecoins (such as USDT, USDC) via QR code, the government is, to some extent, incorporating the crypto assets spontaneously used by the market into the regulatory system, making them a controlled payment method.
The PIX system in Brazil was originally known for instant transfers and has to some extent replaced cash transactions in the country. In September 2025, Aeon Pay announced that its "Crypto Scan-to-Pay" service officially supports stablecoin payments via PIX QR codes, allowing users to pay directly with USDT or USDC, which are converted in real time to Brazilian real in the background.
Since PIX covers almost all banks and merchant terminals, stablecoins can achieve "scannable and settleable" functionality at the broadest economic level. Aeon Pay emphasizes that its design follows the central bank's anti-money laundering and fund monitoring requirements, and ensures that all exchange and settlement links in the stablecoin payment path are auditable.
Thailand: Tourism Economy and Forex Optimization
Meanwhile, Thailand, with its developed tourism economy, has also begun exploring similar mechanisms. According to a policy analysis released by Silk Legal, Thailand is allowing tourists to convert cryptocurrencies into Thai baht and complete payments at merchant QR code terminals through the Tourist DigiPay program.
The logic behind this is clear—Thailand's foreign exchange settlement system still has friction for small transactions, and tourists face high fees and opaque exchange rates when exchanging currency or using bank cards. Stablecoin QR code payments can bypass traditional exchange chains, complete instant conversion via smart contracts, and directly inject funds into local merchant accounts.
The key to this solution is not opening up crypto trading, but integrating stablecoins with the national unified QR code system. After arriving in Thailand, tourists can top up certified wallets with stablecoins such as USDT, which the system automatically converts into equivalent Thai baht and settles through local banks and payment gateways. This mechanism meets regulatory compliance while reducing foreign currency exchange steps, giving crypto assets real usage scenarios in tourism.
Singapore: Regulatory Compliance and Innovation Coexist
If the above innovations are mostly happening in emerging markets, then in September 2025, Singapore brought stablecoin QR code payments into a highly mature financial system. According to reports from Finextra and Channel News Asia, OKX Pay and StraitsX jointly launched a QR code payment function supporting USDC and USDT, allowing users to spend stablecoins by scanning the national unified QR code SGQR within the GrabPay merchant network.
The system converts USDC or USDT in the background into XSGD, a stablecoin pegged to the Singapore dollar, and merchants ultimately receive Singapore dollars.
The significance of this model is that it is the first time stablecoins have been implemented for daily payments in a strictly regulated market. As early as 2023, the Monetary Authority of Singapore (MAS) issued the "Stablecoin Regulatory Framework," requiring issuers to ensure the safety of reserve assets, sufficient liquidity, and independent audits. These safeguards provide both legal and technical stability for the practice of stablecoin QR code payments.
Although the paths of different countries vary, the underlying logic is very similar: the unified QR code system provides the "entry point," stablecoins provide the "funding source," and the clearing layer in between is responsible for converting crypto into fiat and distributing it to merchants. Users only need to scan to pay, with an experience no different from Alipay or PayNow. Regulators can retain monitoring channels while absorbing capital flows and payment innovations from the crypto market.
Behind this trend is the institutionalization of the global stablecoin ecosystem. Regulators in various countries are no longer simply avoiding it, but are seeking "steady-state access" solutions. Judging from current development trends, stablecoin QR code payments are gradually becoming the intersection of crypto assets and the real economy. They not only continue the convenience of QR code payments, but also bring the liquidity of stablecoins from virtual markets into daily consumption.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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