StraitsX Plans to Introduce XSGD and XUSD Stablecoins on Solana by 2026

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

The announcement, made in partnership with the Solana Foundation, will enable users to execute transactions in Singapore dollar- and US dollar-backed stablecoins utilizing Solana’s fast and cost-effective infrastructure, as stated by the issuer in a blog post on Tuesday.

“The launch of XSGD and XUSD on Solana will be revolutionary. It brings together CEX support, AMM liquidity, lending pools, and everyday transactions on a single high-performance chain,” commented Tianwei Liu, co-founder and CEO of StraitsX.

According to StraitsX, this expansion is intended to meet the increasing demand from digital commerce platforms and AI-focused applications. Solana (SOL) has been increasingly utilized for x402-based payments, a standard created for enabling automated transactions among software agents.

Related: Ripple trials RLUSD on Ethereum L2s as part of multichain initiative

XSGD and XUSD exceed $18 billion in on-chain transaction volume

XSGD (XSGD) is currently operational across numerous blockchains, including Ethereum (ETH), Polygon (MATIC), Avalanche (AVAX), Arbitrum (ARB), Zilliqa (ZIL), Hedera (HBAR), and the XRP Ledger, while XUSD (XUSD) is accessible on Ethereum and BNB Smart Chain.

XSGD boasts a market capitalization of $13 million and a circulating supply of 16.7 million tokens, as per CoinMarketCap. XUSD has a market cap of $52 million.

Collectively, the two stablecoins have processed over $18 billion in on-chain transaction volume, according to the announcement.

Both stablecoins natively employ the x402 standard. This functionality will be maintained on Solana, enabling use cases like on-chain currency exchange between SGD and USD, liquidity for automated market makers, lending markets, and institutional-grade payment systems.

StraitsX is a licensed Major Payment Institution compliant with the Monetary Authority of Singapore (MAS)’s framework for stablecoins. Both XSGD and XUSD have “received recognition from the MAS as compliant with the upcoming regulatory framework for stablecoins,” per their respective white papers.

Related: SBI and Startale in Japan plan a regulated yen stablecoin set for 2026 under new guidelines

Grab investigates stablecoin transactions with StraitsX in Southeast Asia

Last month, Grab, the leading super-app in Southeast Asia, entered into an exploratory memorandum of understanding with StraitsX to create a Web3-enabled settlement layer that incorporates digital wallets, programmable payments, and stablecoin clearing into routine consumer transactions.