Singapore-based StraitsX plans to deliver its Singapore dollar-backed XSGD and US dollar-backed XUSD to the Solana blockchain by early 2026.
The rollout, introduced in collaboration with the Solana Basis, will permit customers to settle transactions in Singapore dollar- and US dollar-backed stablecoins utilizing Solana’s high-speed, low-cost infrastructure, the issuer mentioned in a Tuesday weblog put up.
“Launching XSGD and XUSD collectively on Solana will likely be game-changing. It unites CEX assist, AMM liquidity, lending swimming pools, and on a regular basis funds on a single high-performance chain,” mentioned Tianwei Liu, co-founder and CEO of StraitsX.
StraitsX mentioned the enlargement is geared toward supporting rising demand from digital commerce platforms and AI-native functions. Solana (SOL) has more and more been used for x402-based funds, an interoperability normal designed to allow automated transactions between software program brokers.
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XSGD and XUSD high $18 billion in onchain quantity
XSGD (XSGD) is already stay throughout a number of blockchains, together with Ether (ETH), Polygon (MATIC), Avalanche (AVAX), Arbitrum (ARB), Zilliqa (ZIL), Hedera (HBAR) and the XRP Ledger, whereas XUSD (XUSD) is out there on Ethereum and BNB Good Chain.
XSGD has a market cap of $13 million and a circulating provide of 16.7 million tokens, based on CoinMarketCap. XUSD has a market cap of $52 million.
The 2 stablecoins have processed greater than $18 billion in mixed onchain transaction quantity, per the announcement.
Each stablecoins natively assist the x402 normal. That performance will carry over to Solana, enabling use instances reminiscent of onchain international alternate between SGD and USD, automated market maker liquidity, lending markets and institutional-grade fee flows.
StraitsX is a licensed Main Cost Establishment working beneath the Financial Authority of Singapore (MAS)’s stablecoin framework. Each XSGD and XUSD have “been acknowledged by the MAS to be compliant with the upcoming stablecoin regulatory framework,” based on their white papers.
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Seize explores stablecoin funds with StraitsX in Southeast Asia
Final month, Seize, Southeast Asia’s largest super-app, signed an exploratory memorandum of understanding with StraitsX to construct a Web3-enabled settlement layer that integrates digital wallets, programmable funds and stablecoin clearing into on a regular basis shopper transactions.
If accepted by regulators, the system will permit Seize customers throughout Southeast Asia to carry and spend XSGD and XUSD straight inside the app.
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