StraitsX is taking its stablecoin card business beyond Asia. On October 15, the Singapore company said it has partnered with Visa to extend its card issuing to more than 100 markets.
The service is aimed at fintechs, digital payment token service providers, wallets and other businesses that want card programmes linking stablecoin balances to Visa’s acceptance network. Stablecoins handle the funding and settlement behind the card, while cardholders pay with ordinary Visa credentials. Issuance is limited to eligible programmes and remains subject to regulatory, compliance and Visa requirements. StraitsX said the partnership will also account for evolving money laundering and terrorism financing risks.
StraitsX says its stablecoin-backed card programmes have reached annualised gross transaction value of more than US$6 billion. It holds a Major Payment Institution licence from the Monetary Authority of Singapore and issues the XSGD and XUSD stablecoins.
“Stablecoin-backed cards have become one of the clearest examples of how stablecoins can move beyond settlement and into everyday payments,” said Tianwei Liu, chief executive and co-founder of StraitsX.
Herald View
Visa’s approach in Asia is becoming clear. It is signing several stablecoin issuers and programme managers, StraitsX now alongside Reap, and letting card acceptance do the distribution. StraitsX brings real volume, with more than US$6 billion in annualised card spending. The 100-market reach is conditional, though, on programme eligibility, local regulation and financial crime controls in each jurisdiction, and outside Singapore its MAS licence carries less weight. Until StraitsX names issuing partners and launches its first programmes outside Asia, the announcement adds capacity rather than volume.
