StraitsX, a Singapore-based Major Payment Institution licensed by the Monetary Authority of Singapore (MAS), has announced a strategic partnership with the Solana Foundation. The collaboration will bring StraitsX's Singapore dollar–backed stablecoin (XSGD) and U.S. dollar–backed stablecoin (XUSD) to the Solana blockchain, with an initial rollout targeted for early 2026.
This integration marks a significant expansion of StraitsX's on-chain payments infrastructure. Solana will become the first Layer 1 blockchain to host both XSGD and XUSD simultaneously. The unified setup is designed to support on-chain foreign exchange (FX) use cases and real-time cross-border settlement, leveraging Solana's high throughput and low transaction costs. The move is positioned as a form of blockchain-based digital FX, enabling near-instant swaps between SGD and USD without traditional intermediaries.
The launch aims to facilitate instant currency conversion and settlement for businesses and developers. Both stablecoins will also support the x402 payment standard, enabling machine-to-machine payments, automated transactions, and AI-agent micropayments, targeting the emerging "agentic economy."
To support adoption, StraitsX plans to work with centralized and decentralized exchanges to build deep liquidity pools for XSGD and XUSD on Solana. The company, which has processed over $18 billion in cumulative on-chain transaction volume to date, is extending its multichain footprint beyond its existing presence on Ethereum, Polygon, and Coinbase's Base Layer 2.
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