Singapore's StraitsX takes stablecoin cards to 100 markets with Visa, after a 6 billion dollar run in Asia

Stablecoins were supposed to change payments one day. In Southeast Asia, that day has quietly arrived, and it looks like an ordinary card at a checkout. On 15 October, Singapore based StraitsX announced a partnership with Visa to expand its stablecoin backed card issuing to more than 100 markets, building on card programmes in Asia that it says already run at more than 6 billion dollars a year, as reported by Fintech News Singapore.

The model is simple for users. Their money sits in stablecoins, digital tokens pegged to currencies such as the US dollar or Singapore dollar, but they spend it with a card that works anywhere Visa is accepted. The merchant receives ordinary currency. The stablecoin part happens invisibly in the background, which is exactly why it is spreading so fast.

What the partnership does

StraitsX provides the infrastructure that lets other companies issue stablecoin backed cards. A fintech, crypto platform or digital wallet can connect its customers' stablecoin balances to StraitsX's card programme, and through the Visa partnership those cards can be used across Visa's global acceptance network. The expansion to more than 100 markets is subject to regulatory, compliance and Visa requirements in each country, according to CFOtech Asia.

For the companies issuing cards, the attraction is speed. Instead of building card issuing capabilities and banking relationships market by market, they can plug into a single provider. For users, it means stablecoins become spendable money rather than assets that sit in an app waiting to be traded.

StraitsX's reported 6 billion dollars in annualised gross transaction value is a company figure rather than audited spending, but it signals a business that has moved well beyond experiments into everyday use across Asia.

Why stablecoin cards are booming

The growth figures are striking. According to CoinDesk, StraitsX's card infrastructure volume rose about 40 fold from the fourth quarter of 2024 to the fourth quarter of 2025. Gross transaction value grew roughly 600 percent in lower income markets between March 2025 and February 2026, compared with about 150 percent in higher income markets.

That pattern tells an important story. Stablecoin cards are growing fastest where access to stable currencies and international payments is hardest. In markets with volatile local currencies, expensive cross border transfers or limited banking, holding dollars in a stablecoin and spending them with a card solves real problems.

The most successful financial technology is the kind users never notice, and stablecoin cards are becoming exactly that.

The spending is also strikingly ordinary. Food and retail were the largest categories, meaning people are using stablecoin cards for groceries, meals and shopping rather than speculative purchases. Visa's broader stablecoin linked card spending reached an annual run rate of about 3.5 billion dollars by late 2025, up sharply from a year earlier, according to earlier reporting.

Singapore's regulated stablecoin advantage

StraitsX's growth is closely tied to Singapore's regulatory approach. The city state has created a clear framework for licensed digital payment token providers and regulated stablecoins, giving companies like StraitsX a credible base from which to build partnerships with global payment networks.

That regulatory clarity matters to partners such as Visa, which must satisfy its own compliance standards and those of regulators in every market where cards are issued. A Singapore licence and a well defined stablecoin regime make StraitsX a more acceptable partner than an unregulated issuer would be.

We covered Singapore's stablecoin rules in our report on the MAS stablecoin law, which sets out how regulated stablecoins are expected to operate. StraitsX's expansion shows how such rules can help local firms scale globally.

What it means for payments in Southeast Asia

For Southeast Asia, stablecoin cards add a new layer to an already crowded payments landscape. The region has national QR systems, dominant e-wallets and growing real time payment links between countries. Stablecoin cards offer something different: a way to hold and spend dollars across borders without a traditional bank account in each country.

The opportunities and risks are worth weighing:

• Users gain access to stable currencies and global acceptance through a familiar card.
• Fintechs and wallets can launch card products quickly without building infrastructure.
• Regulators must ensure stablecoins are properly backed and redeemable.
• Rapid growth raises questions about consumer protection and anti money laundering controls.

Regulators across the region are watching closely. Some, like Singapore, have embraced regulated stablecoins. Others are more cautious, worried about capital flight, the use of stablecoins in illicit flows and the effect on local currencies. The expansion to 100 markets will test how different regulators respond.

Competition for the card of the future

StraitsX is not alone. Global crypto companies, fintechs and card networks are all racing to connect stablecoins to everyday spending. Visa and Mastercard have both expanded stablecoin settlement and card programmes, and many exchanges now offer their own crypto cards.

The winners will be those that combine regulatory credibility, reliable infrastructure and partnerships with the networks merchants already accept. StraitsX's Visa deal strengthens its position on all three, but competition will be intense as the market grows.

For banks, the trend is a challenge. If customers can hold digital dollars and spend them globally through a fintech card, some of the deposits and payment fees that banks rely on may move elsewhere. That is one reason banks across Asia are exploring their own tokenised deposits and stablecoins.

Stablecoins at the checkout

The StraitsX and Visa expansion marks a milestone in the journey of stablecoins from trading tools to everyday money. In Southeast Asia, people are already using them to buy food and groceries, often without thinking about the technology behind the card. Taking that model to more than 100 markets could make stablecoin payments a normal part of life for millions more.

The challenge now is to grow responsibly. Strong regulation, transparent reserves and robust compliance will determine whether stablecoin cards become a trusted part of the financial system or a source of new risks. Singapore's model suggests that clear rules and innovation can go together.

StraitsX's expansion with Visa shows how far stablecoins have come in Southeast Asia. A technology once associated with crypto trading now powers everyday card spending worth billions of dollars a year, and it is about to reach more than 100 markets. The next phase will depend on regulators and on trust, but the direction is clear: digital dollars are moving from exchanges to checkouts, and Singapore is helping lead the way.