StraitsX Expands Stablecoin Ecosystem on Solana
Singapore-based financial technology provider StraitsX has announced plans to migrate its Singapore dollar-backed XSGD and US dollar-backed XUSD tokens onto the Solana blockchain by early 2026. This strategic move aims to enhance transaction efficiency and broaden the usability of these stablecoins within the high-performance Solana ecosystem, supporting a variety of financial applications from payments to decentralized finance (DeFi).
The collaboration with the Solana Foundation will enable users to settle transactions in either XSGD or XUSD using Solana’s fast, low-cost infrastructure. According to a company blog post, co-founder and CEO Tianwei Liu emphasized that bringing both stablecoins onto Solana will be transformative. โIt unites centralized exchange support, automated market maker liquidity, lending pools, and everyday payments on a single blockchain,โ he noted.
StraitsXโs intention with this rollout is to meet increasing demand from digital commerce platforms and AI-native applications. Notably, Solana has been gaining traction in the realm of interoperable payments, particularly through its adoption of the x402 protocol standard, which facilitates autonomous transactions between software agentsโan infrastructure well-suited for automation and cross-platform compatibility.
Presently, XSGD operates across multiple blockchains, including Ethereum, Polygon, Avalanche, Arbitrum, Zilliqa, Hedera, and the XRP Ledger. XUSD is currently available on Ethereum and BNB Smart Chain. Combined, these stablecoins have processed over $18 billion in on-chain transactions, underscoring their significant liquidity and adoption.
Both stablecoins support the x402 interoperability standard, which will carry over to Solana, enabling functionalities such as on-chain foreign exchange between SGD and USD, automated liquidity pools, lending markets, and institutional payment flows. StraitsX, licensed under Singapore’s Monetary Authority, has confirmed that both XSGD and XUSD are compliant with upcoming stablecoin regulations, as detailed in their white papers.
Further bolstering their development, recent collaborations include a partnership with Southeast Asiaโs largest super-app, Grab. The companies signed a memorandum of understanding to create a Web3-enabled settlement layer that integrates digital wallets, programmable payments, and stablecoin transactionsโpotentially allowing Southeast Asian users to hold and spend XSGD and XUSD directly within the Grab app, subject to regulatory approval.
