Stablecoin-backed payment systems are becoming embedded into everyday transactions across Southeast Asia, as infrastructure providers expand partnerships with card issuers and regional payment networks.
Data from Singapore-based StraitsX shows that between the fourth quarter of 2024 and the same period in 2025, transaction volume tied to its card program increased 40 times, while the number of cards issued rose 83-fold.
Card Infrastructure Expands Alongside Market Growth
StraitsX operates primarily as a backend provider, enabling partners to issue stablecoin-linked cards rather than offering consumer-facing products. Through its role as a Visa BIN sponsor, the firm supports issuers, including RedotPay, which processed more than $2.95 billion in card volume in 2025.
The company reported nearly $30 billion in cumulative stablecoin transactions processed across its infrastructure. Its system converts stablecoin balances into local currency at the point of payment, allowing users to complete transactions without direct exposure to crypto mechanics.
Industry data indicates that this expansion aligns with wider adoption trends. Artemis Analytics estimates global monthly crypto card volumes increased from about $100 million in early 2023 to more than $1.5 billion by late 2025, representing a 106% compound annual growth rate. Meanwhile, Dune Analytics recorded a 420% increase in onchain crypto card spending during 2025, rising from approximately $23 million in January to $120 million in December.
Stablecoins Integrate into Cross-Border Payments
The infrastructure is also being applied to cross-border retail payments. Under Project BLOOM, an initiative from Singapore’s central bank, Thai travelers will be able to pay Singapore merchants by scanning QR codes through KBank’s Q Wallet. Transactions will convert between Thailand’s Q-money and StraitsX’s XSGD stablecoin in the background, with settlement occurring in local currency.
Despite the shift in underlying infrastructure, end-user payment behavior remains consistent. Visa data shows stablecoin-linked cards operate within existing systems, including standard protections and settlement processes.
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