StraitsX, a Singapore-based company specializing in stablecoin infrastructure, has reported significant growth in its card program, with transaction volumes increasing by 40 times and card issuance rising 83-fold from late 2024 to late 2025. This surge highlights the rapid adoption of stablecoin technology in Southeast Asia.
The impressive growth figures come with important context. StraitsX’s partnership with RedotPay, a key player in its crypto card initiative, only began to take shape in late 2024. As a result, the fourth quarter of that year experienced relatively low transaction volumes, serving as a baseline for the subsequent surge.
In a broader context, the global crypto card market has also seen substantial growth. According to Artemis Analytics, monthly transaction volumes in this sector rose from approximately $100 million in early 2023 to over $1.5 billion by late 2025, reflecting a compound annual growth rate of 106%. This indicates that StraitsX is benefiting from a growing market rather than merely outperforming a stagnant one.
Data from Dune Analytics further illustrates the trend, showing that total on-chain spending with crypto cards escalated by 420% in 2025, increasing from around $23 million in January to $120 million by December. Visa dominates this space, capturing over 90% of the on-chain card volume, with its stablecoin-linked transactions reaching an annualized run rate of $3.5 billion by the end of 2025, marking a 460% increase year-over-year.
RedotPay, a BIN sponsorship partner of StraitsX, processed nearly $2.95 billion in card transactions in 2025, significantly outpacing its closest competitors. This positions StraitsX’s infrastructure as a central component in a rapidly evolving market.
Looking ahead, the sustainability of these growth rates remains a question. As the card program matures, competition may intensify, focusing on features, rewards, and costs, rather than just transaction volumes.
StraitsX operates primarily behind the scenes, providing the infrastructure necessary for partners to issue cards. The company serves as a Visa BIN sponsor, enabling seamless transactions that use stablecoins for real-time settlement, allowing local currency to be instantly available to merchants.
No user cares about whether a payment runs on stablecoins or fiat; they only care if the payment goes through,
said Tianwei Liu, co-founder and CEO of StraitsX. This philosophy underscores the company’s goal of making the stablecoin process as unobtrusive as possible.
StraitsX has also announced plans to launch its stablecoins, XSGD and XUSD, on the Solana blockchain by the end of March. This deployment, in collaboration with the Solana Foundation, will be the first instance of these tokens operating natively on a high-speed blockchain, supporting the x402 standard for machine-to-machine micropayments.
When fees drop close to zero, you can suddenly move very small amounts of money, very frequently,
Liu explained. This capability could transform payments into a more fluid and cost-effective process.
XSGD currently leads the non-USD stablecoin market in Southeast Asia, holding over 70% market share and maintaining a 1:1 peg with the Singapore dollar, which is backed by monthly audits. This peg has gained significance as the Singapore dollar recently reached an 11-year high against the U.S. dollar.
StraitsX is also expanding its reach beyond Singapore. Under Project BLOOM, a regulatory initiative from Singapore’s central bank, a cross-border payment corridor with Thailand is set to launch. This system will enable Thai travelers to use KBank’s Q Wallet to scan QR codes for payments in their local currency, with transactions converting between Thailand’s Q-money and StraitsX’s XSGD.
Liu noted that this model mirrors successful integrations seen with platforms like GrabPay and Alipay+, which required minimal user retraining. The firm has already experienced a 400% increase in merchant transaction volume and a sixfold rise in unique users transacting with those merchants month-over-month.
Future rollouts are planned in Japan, Taiwan, and Hong Kong, reflecting StraitsX’s commitment to expanding its services across the region.
Visa, a major partner of StraitsX, views this shift towards stablecoin-backed cards as a natural progression in payment methods. Adeline Kim, Visa’s country manager for Singapore and Brunei, stated that these cards maintain the same user experience as traditional cards, complete with chargeback protections and fiat settlements.
It’s like driving an electric car versus a car that runs on fuel on the same highway,
Kim remarked, emphasizing that while the underlying technology may differ, the user experience remains consistent.
The growth of StraitsX aligns with broader trends in the industry, where full-stack crypto card issuers are scaling rapidly. For instance, companies like Rain and Reap have achieved annualized transaction volumes of over $3 billion and $6 billion, respectively.
Remittances represent a significant use case for stablecoins, as the World Bank estimates that sending $200 internationally incurs an average fee of 6.49%. By utilizing stablecoins, these costs can be substantially reduced.
Looking forward, Kim anticipates that stablecoin cards will evolve to offer more than just transactional utility. Future offerings may include real-time spending insights, cross-border benefits, and reward systems tailored to user behavior.
For Liu, the ultimate goal is to create a stablecoin infrastructure that operates seamlessly, where the technology is invisible to users, and transactions occur effortlessly.
StraitsX has experienced remarkable growth in its stablecoin card program, with transaction volumes and card issuance skyrocketing in the past year. As the company expands its services and infrastructure, it aims to integrate stablecoins into everyday transactions while maintaining a seamless user experience.