StraitsX: The Invisible Stablecoin Infrastructure Powering Southeast Asia's Digital Payments

When a traveler from Bangkok taps to pay in Singapore using a Thai e-wallet, the experience feels effortless — and that's by design. Behind the scenes, Singapore-based StraitsX is quietly running the stablecoin infrastructure that makes it all possible.

Between Q4 2024 and Q4 2025, StraitsX recorded a 40-fold surge in card transaction volume, while the number of issued cards skyrocketed 83 times. These figures position StraitsX among the fastest-growing stablecoin card programs in Southeast Asia, though early baselines were relatively modest given that key partner RedotPay only soft-launched in late 2024.

The broader market is expanding rapidly. According to Artemis Analytics, global monthly crypto card volumes grew from around $100 million in early 2023 to over $1.5 billion by late 2025. Onchain card spending tracked by Dune Analytics jumped 420% in 2025 alone. StraitsX isn't just outperforming — it's riding one of the most significant shifts in digital payments history.

Rather than competing for consumers directly, StraitsX operates as a Visa BIN sponsor, providing the infrastructure that enables partners like RedotPay and UPay to issue stablecoin-backed payment cards. These cards function identically to traditional ones — including chargeback protections — but settle transactions in real time using stablecoins. One of its key partners, RedotPay, processed over $2.95 billion in card volume in 2025, surpassing its 13 closest competitors combined.

StraitsX's native stablecoin, XSGD, commands over 70% of the non-USD stablecoin market in Southeast Asia. By end of March 2025, both XSGD and XUSD were set to launch on the Solana blockchain, enabling ultra-low-cost machine-to-machine micropayments.

Cross-border expansion is also underway. Under Singapore's Project BLOOM initiative, Thai travelers will soon pay Singapore merchants directly from their local wallets — with stablecoin conversion happening invisibly in the background. Similar corridors are planned for Japan, Taiwan, and Hong Kong.

For CEO Tianwei Liu, the ultimate goal is simple: build payment infrastructure so seamless that nobody notices it exists.