Singapore-based StraitsX plans to launch its Singapore greenback and U.S. greenback stablecoins on Solana (SOL) by early 2026.
The move marks the primary Singapore dollar-pegged stablecoin on the high-speed blockchain.
StraitsX announced the growth in collaboration with the Solana Basis on Tuesday.
The rollout will allow prompt international trade between SGD and USD on Solana’s community.
“Launching XSGD and XUSD collectively on Solana will likely be game-changing,” mentioned Tianwei Liu, co-founder and CEO of StraitsX.
What Occurred
StraitsX will convey its XSGD and XUSD stablecoins to Solana’s blockchain infrastructure.
The mixing will leverage Solana’s high-speed, low-cost community for real-time settlement.
Main centralized exchanges are already in the pipeline to assist the Solana-native stablecoins.
StraitsX is working with decentralized exchanges to set up liquidity swimming pools and lending markets.
XSGD at the moment operates on Ethereum, Polygon, Avalanche, Arbitrum, Zilliqa, Hedera, and XRP Ledger.
XUSD is out there on Ethereum and BNB Good Chain.
The 2 stablecoins have processed greater than $18 billion in mixed on-chain transaction quantity.
XSGD has a market capitalization of $13 million with 16.7 million tokens in circulation.
XUSD has a market capitalization of $52 million.
Each stablecoins natively assist the x402 interoperability commonplace.
This performance will allow automated machine-to-machine and AI-agent micropayments on Solana.
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Why It Issues
The growth targets rising demand from AI-native purposes and digital commerce platforms.
Solana has more and more been used for x402-based funds, an rising commonplace for automated transactions.
“The addition of native SGD and USD liquidity additional strengthens Solana’s function as a core infrastructure layer for AI-and machine-driven on-chain transactions,” mentioned Lu Yin, head of APAC on the Solana Basis.
StraitsX operates as a licensed Main Cost Establishment beneath the Financial Authority of Singapore’s stablecoin framework.
Each XSGD and XUSD have been acknowledged by MAS as compliant with Singapore’s upcoming stablecoin regulatory framework.
The launch will allow on-chain international trade between Singapore {dollars} and U.S. {dollars} on a single blockchain.
Final month, Seize, Southeast Asia’s largest super-app, signed an exploratory memorandum of understanding with StraitsX.
The partnership goals to construct a Web3-enabled settlement layer integrating stablecoin funds into on a regular basis client transactions.
If authorised by regulators, Seize customers throughout Southeast Asia might maintain and spend XSGD and XUSD straight inside the app.
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