Grab App & Stablecoin Issuer Circle Begin Web3 Wallet Trial in Singapore

Credit: Grab App

Grab (GRAB), one of the most popular ride-hailing apps in Southeast Asia, has teamed up with stablecoin issuer Circle to conduct a pilot for a Web3 wallet accessible directly in its superapp.

The news was announced on September 14th at Token2049 in Singapore, an event that brings together thought leaders in Web3 to discuss the future of the space. The test-run is scheduled to launch on September 17th during the F1 Singapore Grand Prix. As part of the launch, SG Pitstop Pack NFT vouchers will be available at select stores during the event.

Grab’s superapp was developed in Malaysia in 2012. It initially entered the market as a ride-hailing service before expanding to package delivery, insurance, ticket booking, and payment solutions (GrabPay). With nearly 180 million users, it is one of the most popular consumer apps and successful startups in Southeast Asia. It is currently valued around $14.9 billion.

The goal of the “Grab Web3 Wallet” is to facilitate companies embracing digital assets, smart contracts, and stablecoins. The wallet will let users create a blockchain-enabled wallet and earn digital collectibles and rewards such as NFT token vouchers.

The CEO of Circle, Jeremy Allaire, said that next year the company aims to give a billion users “access to transacting stablecoins.” He also took to Twitter to praise the trend of Web2 companies embracing Web3 technology and added that by testing Circle’s technology “with Grab’s customers,” the company will be “closer to realizing“ the “potential of responsible digital assets innovation.”

Circle is the operator of the USD Coin (USDC) stablecoin. In recent months, it has been busy expanding its reach in Singapore. In June 2023, the Monetary Authority of Singapore (MAS) granted Circle a Major Payment Institution (MPI) license in the country. Shortly after, the company partnered with the government-backed blockchain ecosystem developer Tribe to foster Web3 adoption and development in the country.

Web3 Wallets Continue to Be Rolled Out

For users of Grab, its collaboration with Circle for a new Web3 wallet should be exciting news. But Grab and Circle aren’t the only companies that have recently launched a Web3 wallet. At Rarity Sniper, we’ve covered several stories about companies launching Web3 wallets to onboard people into the space. Here are some of the top headlines:

Although many Web3 companies are obviously in competition with each other, most of them share the same goal: to foster the mass adoption of crypto and Web3 technology around the world. By launching Web3 wallets, some companies are working to onboard non-native Web3 users into the space.

It will likely take some time before we know if Circle and Grab’s new Web3 wallet is popular with users. But considering the millions of Grab users in Southeast Asia, we expect it will certainly make a difference in the marketplace. At Rarity Sniper, we’ll stay on the lookout for updates to the story.