StraitsX Set to Launch SGD and USD Stablecoins on Solana by 2026

Singapore-based StraitsX is preparing to introduce its Singapore dollar-backed XSGD and US dollar-backed XUSD stablecoins on the Solana blockchain by early 2026. This initiative, announced in partnership with the Solana Foundation, is designed to enhance transaction efficiency using Solana's rapid and cost-effective infrastructure.

Key Takeaways

StraitsX plans to launch XSGD and XUSD on the Solana blockchain by early 2026.
The move aims to cater to the growing demand for digital commerce and AI-driven applications.
XSGD and XUSD have processed over $18 billion in combined on-chain transaction volume.
Grab is exploring stablecoin payments with StraitsX, potentially allowing users to transact directly within its app.

StraitsX, operating out of Singapore, has announced plans to integrate its stablecoins—XSGD, which is pegged to the Singapore dollar, and XUSD, which is backed by the US dollar—onto the Solana blockchain in early 2026. This rollout is a significant collaboration with the Solana Foundation, focused on leveraging Solana's speedy and low-cost transaction capabilities. As stated in a blog post released on Tuesday, this move aims to improve how users can conduct settlements using these stablecoins.

Tianwei Liu, co-founder and CEO of StraitsX, emphasized the transformative potential of launching XSGD and XUSD on Solana. He stated, “This launch will be groundbreaking. It brings together centralized exchange support, automated market maker liquidity, lending options, and everyday payment processing on one powerful chain.”

The initiative is tailored to meet the increasing demands coming from digital commerce platforms and applications that utilize artificial intelligence (AI). Solana has gained traction for x402-based payments, which is a standard that enhances interoperability for automated transactions between software agents.

XSGD Onchain Metrics
XSGD’s on-chain usage metrics. Source: StraitsX

StraitsX Stablecoins on Solana

Major Volume for XSGD and XUSD

The stablecoins XSGD and XUSD have already gained traction on various blockchains, including Ethereum, Polygon, Avalanche, Arbitrum, Zilliqa, Hedera, and the XRP Ledger. According to CoinMarketCap, XSGD holds a market capitalization of $13 million with a circulating supply of 16.7 million tokens, while XUSD features a market cap of $52 million.

Together, XSGD and XUSD have registered over $18 billion in total on-chain transaction volumes. Importantly, both stablecoins are compatible with the x402 standard, allowing a seamless migration of their functionalities to Solana. This opens up various applications, including on-chain currency exchange between SGD and USD, liquidity for automated market makers, lending marketplaces, and payment systems fit for large institutions.

StraitsX is recognized as a licensed Major Payment Institution under the regulatory oversight of the Monetary Authority of Singapore (MAS). Both XSGD and XUSD are confirmed to be compliant with upcoming stablecoin regulations as per their respective white papers.

Stablecoin Collaboration with Grab in Southeast Asia

In another exciting development, Grab, the leading super-app in Southeast Asia, recently signed a memorandum of understanding with StraitsX. This agreement aims to create a Web3-enabled settlement layer that integrates digital wallets, programmable payments, and stablecoin clearing into everyday transactions for consumers.

If this system gains regulatory approval, it will enable Grab users throughout Southeast Asia to directly hold and utilize XSGD and XUSD within the app, offering an innovative approach to digital finance.

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