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Singapore based StraitsX said it will deploy its Singapore dollar backed XSGD and U.S. dollar backed XUSD on the Solana blockchain by early 2026 extending the reach of its SGD backed stablecoin into Solana’s high throughput ecosystem.
Announced alongside the Solana Foundation, the rollout will allow users to settle transactions in SGD- and USD-denominated tokens using Solana’s low fee, high speed rails, the company said in a Tuesday blog post broadening real world utility for the SGD-backed stablecoin.
“Launching XSGD and XUSD together on Solana marks a significant step forward.It unites CEX support, AMM liquidity, lending pools and everyday payments on a single high performance chain,” said Tianwei Liu, co-founder and CEO of StraitsX, highlighting new growth avenues for the SGD-backed stablecoin.
StraitsX added that the move targets rising demand from digital commerce platforms and AI native applications. Solana has become a hub for x402 based payments an interoperability standard that enables automated transactions between software agents opening fresh settlement paths for the SGD-backed stablecoin.
XSGD is already live across Ethereum, Polygon, Avalanche, Arbitrum, Zilliqa, Hedera and the XRP Ledger while XUSD operates on Ethereum and BNB Smart Chain giving the SGD-backed stablecoin a broad multi-chain footprint.
XSGD has a market capitalization of about $13 million with 16.7 million tokens in circulation while XUSD’s market cap stands near $52 million according to CoinMarketCap.
Combined, the two stablecoins have processed more than $18 billion in onchain transaction volume reflecting steady usage of the SGD-backed stablecoin in cross chain flows.
Both tokens natively support the x402 standard which will carry over to Solana to enable onchain FX between SGD and USD, AMM liquidity, lending markets and institutional grade payments anchored by the SGD backed stablecoin.
StraitsX is licensed as a Major Payment Institution under the Monetary Authority of Singapore’s stablecoin framework, and both XSGD and XUSD have been acknowledged as compliant with the upcoming regime an important regulatory milestone for the SGD backed stablecoin.
Last month, Grab signed an exploratory memorandum of understanding with StraitsX to build a Web3 enabled settlement layer integrating digital wallets, programmable payments and stablecoin clearing.
Subject to regulatory approval, Grab users across Southeast Asia could hold and spend XSGD and XUSD directly in-app potentially accelerating everyday use of the SGD backed stablecoin.
