StraitsX Plans XSGD Launch on Monad, a First for a Singapore Dollar Stablecoin

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

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

Liu Tianwei, StraitsX's chief executive officer and co-founder, said the introduction of XSGD as Monad's first Singapore dollar stablecoin would support new card and payments products while preserving the compliance standards the company has built in Asia.

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

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