Stablecoin operator StraitsX is getting a bit more exposure, sealing the latest in a string of promising partnerships. In this case, the StraitsX USD (XUSD) issuer has struck an agreement with the crypto credit card payments platform UPay to enable its digital assets to be spent in real-world stores.
StraitsX said it’ll integrate its infrastructure within UPay’s broader payments ecosystem, which also includes Google Pay and Apple Pay, expanding the utility of its stablecoin assets.
It’s a big deal for StraitsX, as UPay has developed a comprehensive and fast-growing digital finance platform spanning both cryptocurrency and traditional fiat services. Its main offering is its crypto credit card, which like other services of its nature, can be used to spend cryptocurrency directly out here in the real world at millions of merchants globally, without needing to exchange it first. Transactions simply convert the crypto into the equal amount of fiat, which is then sent straight to the merchant’s bank account.
UPay’s services also expand to crypto loans, allowing people to deposit their crypto holdings as collateral to borrow other assets, plus a “savings” feature that uses staking to generate interest for savers.
Singapore-based StraitsX should be a welcome addition to UPay’s ecosystem, for it’s the issuer of one of the most regulated stablecoins in the world in the shape of XUSD. It’s regulated by the Monetary Authority of Singapore and fully compliant with local regulations, which inspire confidence that XUSD is indeed pegged 1:1 with the U.S. dollar and backed by verified holdings of fiat and other liquid assets.
Stressing that the partnership is an important one, UPay Chief Executive Owen Yang said it will expand his company’s capability to bridge the fiat monetary and cryptocurrency systems. “We are not just offering a payment card; we are offering a passport to the future of global finance, and StraitsX is the cornerstone of that bridge,” he promised.
Under the collaboration, XUSD will become available in UPay’s wallet, with users able to spend it at more than 175 million merchants that accept VISA cards. It adds to XUSD’s growing utility, making it spendable in the real world, in addition to its status as a trusted stablecoin asset.
StraitsX has gotten a lot of momentum in terms of partnerships lately. Earlier this month, it struck gold when it revealed it’s now partnering with delivery and ride-sharing giant Grab and Ant International. In the case of Grab, it’s working with GrabPay and Alipay+ on a new, low-cost and instant cross-border settlement service, which could integrate XSGD, StraitsX’s second stablecoin that’s pegged to the Singaporean dollar.
Earlier this year, StraitsX said it’s working with RedotPay to support its collaboration with Visa on a new crypto credit card solution it plans to launch in Southeast Asia.
StraitsX co-founder and Head of Partnerships Tianyao Liu said the partnership is about more than just real-world payments, for it also helps to lay the groundwork for a system that allows businesses and consumers alike to move value across borders without excessive costs or hassles. “We are laying down the tracks for a new financial future, built on trust and seamless accessibility,” he said.
