StraitsX, based in Singapore, intends to launch its Singapore dollar-backed XSGD and US dollar-backed XUSD on the Solana blockchain by early 2026.
This initiative, announced in partnership with the Solana Foundation, will enable users to conduct transactions with Singapore dollar- and US dollar-backed stablecoins utilizing Solana’s rapid, cost-effective infrastructure, the issuer indicated in a recent blog post.
“The launch of XSGD and XUSD on Solana is set to be transformative. It brings together CEX support, AMM liquidity, lending pools, and daily payments on a single high-performance chain,” stated Tianwei Liu, co-founder and CEO of StraitsX.
StraitsX noted that this expansion aims to meet the rising demand from digital commerce platforms and AI-native applications. Solana (SOL) has increasingly been utilized for x402-based payments, an interoperability standard designed for automated transactions between software agents.
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XSGD and XUSD exceed $18 billion in onchain volume
XSGD (XSGD) is currently operational across multiple 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 boasts a market cap of $13 million with a circulating supply of 16.7 million tokens, according to CoinMarketCap. Meanwhile, XUSD has a market cap of $52 million.
Combined, the two stablecoins have executed over $18 billion in onchain transaction volume, as per the announcement.
Both stablecoins inherently support the x402 standard. This functionality will extend to Solana, facilitating use cases like 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 that operates under the Monetary Authority of Singapore (MAS)’s stablecoin framework. Both XSGD and XUSD have been recognized by the MAS as compliant with the upcoming stablecoin regulatory framework, according to their white papers.
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Grab considers stablecoin payments with StraitsX in Southeast Asia
Recently, Grab, the largest super-app in Southeast Asia, signed a memorandum of understanding with StraitsX to explore building a Web3-enabled settlement layer that combines digital wallets, programmable payments, and stablecoin clearing into everyday consumer transactions.
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