LuxLexicon to accept stablecoin payments in Singapore

Triple-A has enabled LuxLexicon to accept stablecoin payments at its Singapore store for selected luxury handbag purchases at the retailer's Palais Renaissance location.

LuxLexicon, a luxury handbag resale and consignment business owned by Carousell Group, is adding the option to widen the ways customers can pay in-store. The move targets shoppers who already use digital currencies and want to spend them in a physical retail setting.

Under the arrangement, Triple-A will process stablecoin transactions and convert them into local currency in real time at a locked exchange rate, with settlement with the bank the next day. The setup is intended to help merchants avoid exposure to digital currency price swings while still accepting this form of payment.

For LuxLexicon, the rollout applies to selected items rather than its full inventory. The retailer said the change is part of a broader effort to make the luxury resale experience more accessible to different types of customers without altering the in-store experience.

The deal also reflects a wider push by payment providers to bring digital currency transactions into mainstream retail. Stablecoins, which are designed to maintain a fixed value against a reference asset such as the US dollar, are increasingly being pitched to merchants as a way to reduce foreign-exchange friction and card-processing costs, particularly for cross-border shoppers.

Founded in 2016, LuxLexicon operates both online and offline in Singapore. The company specialises in luxury handbag resale and consignment and says it holds one of the largest selections of resale Hermès bags in Southeast Asia. Carousell Group acquired the business in 2024.

Retail payments

The in-store launch gives Triple-A another reference customer in consumer retail, where payment choice can influence conversion rates and basket size. The company said some of its merchants have seen higher average order values from customers paying with digital currencies, particularly in premium retail categories.

Triple-A said it serves more than 1,000 business customers globally and provides access to payment options for more than 700 million digital currency holders. Its client list includes Razer, Farfetch, Alternative Airlines and Grab.

The payments group operates under licences and registrations in the United States, Europe and Singapore. Its business focuses on helping merchants accept stablecoins while handling conversion, settlement and compliance requirements.

Singapore has emerged as one of the more active markets for digital asset experimentation in regulated settings, including payments and tokenised financial services. Against that backdrop, retailers and service providers have been testing ways to integrate digital currencies into everyday consumer transactions without requiring merchants to hold crypto assets directly on their balance sheets.

That approach is visible in this arrangement, where LuxLexicon receives local currency rather than stablecoins. It also gives the retailer another payment method for international or digitally focused customers who may prefer not to rely on card networks or traditional foreign exchange routes.

"Luxury retail is global by nature. By enabling stablecoin payments at LuxLexicon, we're making it easier for international customers to shop and helping retailers tap into a new high-value, digitally native audience," Eric Barbier, Founder & CEO of Triple-A, said.

"At LuxLexicon, we are always looking for ways to enhance the luxury resale experience by improving accessibility. Introducing stablecoin payments into our store is part of our commitment to exploring diverse customer preferences while maintaining the premium experience our customers expect," said Kevin Simtan, Senior Manager, Business Strategy and Operations at LuxLexicon.