Solana is set to gain its first Singapore dollar–backed stablecoin, allowing users to exchange SGD and U.S. dollars instantly on-chain and expanding the network’s role in digital foreign exchange.
Crypto infrastructure firm StraitsX said Tuesday it plans to launch its Singapore dollar stablecoin, XSGD, alongside its U.S. dollar token, XUSD, on the Solana blockchain. The rollout, targeted for early 2026 and developed in collaboration with the Solana Foundation, will enable real-time swaps between SGD and USD, effectively bringing blockchain-based FX trading to the high-speed network.
The launch is aimed at accelerating adoption of stablecoins across automated and AI-driven applications on Solana. The network supports an x402 payment standard that allows software and AI agents to transact small amounts programmatically, while offering faster and lower-cost transactions than competing blockchains such as Ethereum.
“Users and businesses increasingly expect payments to be instant, inexpensive and globally accessible,” said Tianwei Liu, CEO and co-founder of StraitsX. “Launching XSGD and XUSD together on Solana is a meaningful milestone. It connects centralized exchange access, automated market maker liquidity, lending protocols and everyday payments on a single high-performance chain.”
Stablecoins are cryptocurrencies pegged to external assets such as fiat currencies, designed to reduce the volatility seen in other digital tokens. Their use has expanded rapidly in remittances, cross-border payments and on-chain settlement.
At press time, XSGD had a market capitalization of about $13 million, while XUSD stood at roughly $50 million, according to CoinGecko. XSGD is already live across multiple networks, including Ethereum, Polygon, Avalanche, Arbitrum, Zilliqa, Hedera and the XRP Ledger, while XUSD currently operates on Ethereum and BNB Smart Chain. Together, the two stablecoins have processed more than $18 billion in on-chain transaction volume, StraitsX said.
For Solana, the addition of XSGD brings the network its first digital representation of the Singapore dollar. While Solana already hosts around $15.7 billion in stablecoins tied to currencies such as the U.S. and Australian dollars, it has lacked an SGD-denominated option to date, according to DefiLlama.
“Adding XSGD and XUSD enhances Solana’s position as a global payments network,” said Lu Yin, head of APAC at the Solana Foundation. “It unlocks new possibilities for builders, institutions and users, from instant cross-border settlement to decentralized finance use cases like lending, borrowing and yield generation.”
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