Singapore-licensed StraitsX to bring its SGD, USD stablecoins to Solana by 2026

cointelegraphPublished on 2025-12-16Last updated on 2025-12-16

Abstract

Singapore-based StraitsX, a licensed Major Payment Institution, plans to launch its Singapore dollar-backed stablecoin XSGD and US dollar-backed stablecoin XUSD on the Solana blockchain by early 2026. This initiative, announced with the Solana Foundation, aims to leverage Solana’s high-speed, low-cost infrastructure for transactions. Both stablecoins, which have processed over $18 billion in onchain volume, natively support the x402 interoperability standard for automated payments. The expansion targets growing demand from digital commerce and AI applications. StraitsX also collaborates with Southeast Asian super-app Grab to explore integrating stablecoin payments into everyday transactions, pending regulatory approval. Both XSGD and XUSD are recognized as compliant with Singapore’s upcoming stablecoin regulatory framework.

Singapore-based StraitsX plans to bring its Singapore dollar-backed XSGD and US dollar-backed XUSD to the Solana blockchain by early 2026.

The rollout, announced in collaboration with the Solana Foundation, will allow users to settle transactions in Singapore dollar- and US dollar-backed stablecoins using Solana’s high-speed, low-cost infrastructure, the issuer said in a Tuesday blog post.

“Launching XSGD and XUSD together on Solana will be game-changing. It unites CEX support, AMM liquidity, lending pools, and everyday payments on a single high-performance chain,” Tianwei Liu, co-founder and CEO of StraitsX, said.

StraitsX said the expansion is aimed at supporting growing demand from digital commerce platforms and AI-native applications. Solana (SOL) has increasingly been used for x402-based payments, an interoperability standard designed to enable automated transactions between software agents.

XSGD’s onchain usage metrics. Source: StraitsX

Related: Ripple pilots RLUSD on Ethereum L2s in multichain push

XSGD and XUSD top $18 billion in onchain volume

XSGD (XSGD) is already live across several blockchains, including Ether (ETH), Polygon (MATIC), Avalanche (AVAX), Arbitrum (ARB), Zilliqa (ZIL), Hedera (HBAR) and the XRP Ledger, while XUSD (XUSD) is available on Ethereum and BNB Smart Chain.

XSGD has a market cap of $13 million and a circulating supply of 16.7 million tokens, according to CoinMarketCap. XUSD has a market cap of $52 million.

The two stablecoins have processed more than $18 billion in combined onchain transaction volume, per the announcement.

Both stablecoins natively support the x402 standard. That functionality will carry over to Solana, enabling use cases such as onchain foreign exchange between SGD and USD, automated market maker liquidity, lending markets and institutional-grade payment flows.

StraitsX is a licensed Major Payment Institution operating under the Monetary Authority of Singapore (MAS)’s stablecoin framework. Both XSGD and XUSD have “been acknowledged by the MAS to be compliant with the upcoming stablecoin regulatory framework,” according to their white papers.

Related: Japan’s SBI and Startale plan regulated yen stablecoin in 2026 under new framework

Grab explores stablecoin payments with StraitsX in Southeast Asia

Last month, Grab, Southeast Asia’s largest super-app, signed an exploratory memorandum of understanding with StraitsX to build a Web3-enabled settlement layer that integrates digital wallets, programmable payments and stablecoin clearing into everyday consumer transactions.

If approved by regulators, the system would allow Grab users across Southeast Asia to hold and spend XSGD and XUSD directly within the app.

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