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.
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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.
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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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