Singapore-based StraitsX, a stablecoin payments company that is part of the Fazz group, said on October 15 that it was working with Visa to expand stablecoin-backed card issuing to more than 100 markets.

The move extends its existing service in Asia for fintech firms, wallets, and digital asset companies.

StraitsX said eligible card programs would remain subject to regulatory, compliance, and Visa requirements.

It added that its Asia card business had reached more than US$6 billion in annualized transaction volume.

Singapore’s central bank, the Monetary Authority of Singapore, finalised a regulatory framework in 2023 for single-currency stablecoins issued in Singapore and pegged to the Singapore dollar or G10 currencies.

StraitsX has received approval in principle to issue such tokens under that framework.

The partnership also aligns with Visa’s broader effort to enable cards tied to stablecoins.

🔗 Source: StraitsX

Recent StraitsX developments