StraitsX Plans to Launch First Singapore-Dollar Stablecoin on Monad

Singapore-based digital-asset payments infrastructure firm StraitsX said on October 1 that it plans to launch the Singapore dollar-denominated stablecoin XSGD and the U.S. dollar-denominated stablecoin XUSD on layer-1 blockchain Monad.

StraitsX plans to issue XSGD and XUSD natively on the Monad network in early 2027. If launched as planned, XSGD would become the first Singapore dollar-denominated stablecoin to be issued natively on Monad.

Monad is an Ethereum Virtual Machine-compatible layer-1 blockchain.

XSGD and XUSD are issued by a StraitsX affiliate that holds a Major Payment Institution license under Singapore's Payment Services Act. Stablecoin transactions processed through StraitsX infrastructure have totaled about $30 billion to date.

"By introducing XSGD as Monad's first Singapore dollar stablecoin, we can maintain the compliance standards we have built across Asia while enabling its use in new card and payments products," StraitsX Chief Executive Officer and co-founder Liu Tianwei said.

StraitsX is also considering expanding the use of XSGD and XUSD to cross-border payments and settlement, as well as card programs.

"Payments, card settlement and consumer financial products require infrastructure that can handle large transaction volumes quickly and at low cost," Monad founder Keone Hon said. He added that Monad's compatibility with the EVM ecosystem would allow StraitsX to connect with existing wallets, liquidity infrastructure and financial applications.