StraitsX to Launch XSGD and XUSD Stablecoins on Solana by 2026

Singapore-based StraitsX plans to carry 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 enable customers to settle transactions in Singapore dollar- and US dollar-backed stablecoins utilizing Solana’s high-speed, low-cost infrastructure, the issuer stated in a Tuesday weblog publish.

“Launching XSGD and XUSD collectively on Solana shall be game-changing. It unites CEX help, AMM liquidity, lending swimming pools, and on a regular basis funds on a single high-performance chain,” Tianwei Liu, co-founder and CEO of StraitsX, stated.

StraitsX stated the growth 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 commonplace designed to allow automated transactions between software program brokers.

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XSGD and XUSD prime $18 billion in onchain quantity

XSGD (XSGD) is already dwell 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 accessible 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 help the x402 commonplace. That performance will carry over to Solana, enabling use instances corresponding to onchain international trade between SGD and USD, automated market maker liquidity, lending markets and institutional-grade cost flows.

StraitsX is a licensed Main Fee Establishment working underneath 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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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 client transactions.