Solana to host Singapore dollar on‑chain… "Blockchain-based forex trading opens up"

Crypto asset infrastructure firm StraitX is launching Singapore dollar- and U.S. dollar-based stablecoins (virtual assets pegged to fiat currency) on Solana (SOL). Immediate exchange between the two currencies on Solana is also expected to become possible.

On the 16th (Korea time), according to crypto-focused media CoinDesk, StraitX said it plans to launch the Singapore dollar‑pegged stablecoin 'XSGD' and the U.S. dollar‑pegged stablecoin 'XUSD' on the Solana public blockchain in early 2026. The launch will be carried out in collaboration with the Solana Foundation.

StraitX said, "With the launch of the stablecoins, immediate swaps between the Singapore dollar and the U.S. dollar on the Solana network will become possible," adding, "a blockchain-based digital foreign exchange trading environment could be realized."

XSGD is currently circulating on Ethereum, Polygon, Avalanche, Arbitrum, Zilliqa, Hedera, and the XRP Ledger, while XUSD is used on Ethereum and BNB Smart Chain. According to CoinGecko, market capitalization is about $13 million for XSGD and about $50 million for XUSD.

With this XSGD launch, Solana has secured the network's first Singapore dollar‑pegged stablecoin. Lu In, head of the Solana Foundation Asia-Pacific (APAC), said, "The introduction of XSGD and XUSD will open new opportunities such as instant cross-border payments and DeFi use," and "it strengthens Solana's role as a core payment infrastructure for AI and automated on‑chain transactions."