StraitsX, a Singapore-based company, has seen rapid growth in its stablecoin card program, with a 40x surge in transaction volume and an 83x increase in card issuance between 2024 and 2025. The company’s infrastructure powers stablecoin-backed cards for partners like RedotPay, which processed over $2.95 billion in card volume in 2025, and enables seamless transactions in local currency. StraitsX aims to make its stablecoin layer invisible, with plans to expand its presence in Southeast Asia and beyond, and to enable machine-to-machine micropayments on the Solana blockchain with its upcoming stablecoins, XSGD and XUSD. By the end of March, StraitsX expects to launch its two stablecoins, XSGD and XUSD, on the Solana blockchain.
XSGD already leads the non-USD stablecoin market in Southeast Asia, with more than 70% share. Now, StraitsX is looking beyond Singapore. A cross-border corridor with Thailand is set to go live under Project BLOOM, a regulatory initiative from Singapore’s central bank. The system will allow Thai travelers to scan QR codes in Singapore using KBank’s Q Wallet and pay merchants in their local currency.
The transaction will convert between Thailand’s Q-money and StraitsX’s XSGD in the background, another stablecoin-powered payment hiding in plain sight. Liu said the model follows a familiar playbook. GrabPay and Alipay+ integrations, for instance, required no user retraining. Still, the firm has seen a 400% increase in merchant transaction volume and a sixfold jump in the number of unique users transacting with those merchants month-over-month.
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