StraitsX secures $10m to expand in Asia

StraitsX, a Singapore-based stablecoin settlement company under Fazz Financial Group, has received a US$10 million investment from UQPAY, a cross-border payments provider in Asia.

The funding, along with continued support from existing shareholder NTT Docomo of Japan, will support StraitsX’s expansion in Asia.

The company plans to strengthen its multi-currency payment framework by expanding APIs for institutional clients, adding more cross-border settlement corridors, and launching virtual and physical cards for spending stablecoins with fiat settlement.

StraitsX, which holds a Major Payment Institution license from Singapore’s Monetary Authority, has also listed its XUSD and XSGD stablecoins on major exchanges and launched a scan-to-pay service in Singapore.

🔗 Source: StraitsX

🧠 Food for thought

Implications, context, and why it matters.

Stablecoin attestation is basic hygiene, rarely a differentiator

StraitsX publishes monthly reserve attestations for XUSD plus XSGD 1 2 3 4. They use third-party checks under ISCA (Institute of Singapore Chartered Accountants) standards and come from a certified public accountant in Singapore. This is hygiene, rarely an edge.
The Article leans on licensing yet omits circulating supply or market cap for XUSD plus XSGD. The scale of the expansion remains unclear against dominance by USDC (Circle’s U.S. dollar stablecoin) and USDT (Tether’s U.S. dollar stablecoin) 5.
Support spans Ethereum and Polygon. It also covers Avalanche and Arbitrum. XRPL (XRP Ledger) plus Zilliqa plus Hedera are included 6. Adoption will follow where target corridors already transact.

Asia remittance corridors hold room for expansion

Global remittance costs averaged 6.49% in Q1 2025 7. Fintechs and payment service providers not in the Article can use stablecoin transfers to beat pricey Asian lanes if they undercut bank or MTO fees. (Remittances are cross-border payments typically sent by workers to family members.)
In the Philippines, SMEs (small and medium-sized enterprises) employ 63% of the workforce 7, while remittances support many households worldwide 8. Consumer apps and neobanks can launch XUSD or XSGD services to win share while speeding settlement.
Payroll software vendors that serve gig workers and remote staff across Southeast Asia can add XUSD for instant cross-border wages. Cutting the 6.49% average cost to sub-3% can deliver value for employers and workers in high-volume corridors 7.