StraitsX and Visa to Expand Stablecoin Cards Globally

Singapore-based payments firm StraitsX, part of the Fazz group, is expanding its stablecoin-backed card issuing services to over 100 markets in collaboration with Visa. This expansion broadens the company's existing service, which has primarily catered to fintech firms, wallets, and digital asset companies within Asia.

StraitsX stated that eligible card programs will continue to be subject to regulatory, compliance, and Visa requirements. The company reported that its card business in Asia has reached an annualized transaction volume exceeding US$6 billion.

In 2023, Singapore's central bank, the Monetary Authority of Singapore (MAS), finalized a regulatory framework for single-currency stablecoins issued in Singapore and pegged to the Singapore dollar or G10 currencies. StraitsX has received in-principle approval to issue such tokens under this framework.

The partnership also aligns with Visa's broader efforts to enable cards linked to stablecoins, facilitating the integration of digital assets into mainstream financial transactions.