The stablecoin-based card ecosystem is rapidly expanding in Southeast Asia. Singapore-based StraitsX, one of the important fintech companies of the region, stands out as one of the background actors of this growth. The company has recently recorded remarkable increases in both its card transaction volume and the number of cards it launches.
Record growth in stablecoin infrastructure
Tianwei Liu, co-founder and CEO of StraitsX, announced that card transaction volumes increased 40 times from the last quarter of 2024 to the same period of 2025. The number of cards released in the same period increased by 83 times. These figures show that StraitsX has one of the fastest growing regional stablecoin card programs.
The partnership with RedotPay, which became operational at the end of 2024, stands out in the company’s growth. With RedotPay reaching $2.95 billion in card volume by 2025, StraitsX’s infrastructure has formed the basis of one of the largest players in the region.
The global monthly transaction volume in the crypto card industry exceeded 1.5 billion dollars at the end of 2025, from 100 million dollars at the beginning of 2023. While Visa holds more than 90 percent of onchain card volume, Visa-affiliated stablecoin cards have reached $3.5 billion in annual spend.
StraitsX’s strategic role and new blockchain initiative
Rather than developing an application directly for the end user, StraitsX provides infrastructure in the background, allowing different companies to quickly launch their own cards and products. The company undertakes Visa’s BIN sponsorship and mediates the issuing of cards by RedotPay and UPay. Thus, stablecoin transfer occurs in the background in payments made by users and the transaction reaches the other party as local currency at the time of the transaction.
It is known that StraitsX has carried out stablecoin transactions worth nearly 30 billion dollars in total. The company’s vision is to make stablecoin infrastructure invisible to the user. Tianwei Liu likens this approach to fiber optic internet infrastructure; infrastructure is everywhere but invisible.
“The user does not care whether their payment goes through stablecoin or fiat; what matters is that the transaction is completed.”
In line with this aim, the company is preparing to launch stablecoins named XSGD and XUSD on Solana by the end of March. This step, which will take place in collaboration with the Solana Foundation, will enable the two tokens to be on a high-performance blockchain for the first time. Additionally, machine-to-machine micropayments will become possible with support for the x402 standard.
XSGD is the leader in the non-US dollar stablecoin market in the region with a share of over 70 percent. Each 1 XSGD is pegged one-to-one to 1 Singapore dollar, and this balance is maintained by independent audits. The rise of the Singapore dollar to its highest level in the last 11 years at the beginning of the year increased the interest in the stablecoin.
The company is now preparing to build a new financial bridge on the Singapore-Thailand line within the scope of Project BLOOM, an initiative of the Central Bank. With KBank’s Q Wallet application integrated into the system, Thai users will be able to pay sellers in Singapore with their own currency. In the background, automatic conversion will occur between Q-money and StraitsX’s XSGD stablecoin. Similar projects are planned for Japan, Taiwan and Hong Kong.
