Stablecoin operator StraitsX has entered a strategic partnership with global crypto payment card provider UPay, marking a significant step toward integrating digital assets into everyday commerce. The collaboration embeds StraitsX's settlement infrastructure directly into UPay's payment ecosystem, enabling UPay cardholders to instantly convert and spend stablecoins at over 175 million Visa-accepting merchants worldwide.
The integration focuses on reducing friction and costs in cross-border payments, while improving accessibility. StraitsX, regulated by the Monetary Authority of Singapore, brings its fully reserved stablecoins—XUSD (pegged to the U.S. dollar) and XSGD (pegged to the Singapore dollar)—into UPay's wallet. This allows users to spend these assets seamlessly in the real world, with transactions converting crypto to fiat sent directly to merchants.
UPay CEO Owen Yang stressed the partnership's importance, stating, "We are not just offering a payment card; we are offering a passport to the future of global finance, and StraitsX is the cornerstone of that bridge." StraitsX co-founder Tianyao Liu added that the initiative lays the groundwork for a system allowing businesses and consumers to move value across borders without excessive costs.
This deal follows recent momentum for StraitsX, including partnerships with Grab and Ant International for low-cost cross-border settlements potentially using XSGD, and work with RedotPay on a crypto credit card solution in Southeast Asia. UPay's platform also extends beyond payments to include crypto loans and staking-based savings features.
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