The adoption of crypto assets in Southeast Asia’s retail sector has entered a new phase of maturity on a large scale.
Rather than being used for speculation, stablecoins are now transforming into an “invisible” backbone infrastructure underpinning the sharp rise in digital payment card usage.
Singapore-based stablecoin infrastructure provider StraitsX reported a 40-fold surge in crypto card transaction volumes between the fourth quarter of 2024 and the same period in 2025, accompanied by an 83-fold increase in card issuance.
As cited by Coindesk (30/03), this remarkable growth makes StraitsX’s stablecoin card programme one of the fastest-growing in Southeast Asia.
StraitsX co-founder and chief executive Tianwei Liu said users are indifferent to whether their payments run on crypto rails or fiat currency, focusing instead on whether the transaction is successful.
This strategy positions StraitsX as a BIN (Bank Identification Number) sponsor within global payment networks, enabling partners such as RedotPay and UPay to issue cards.
RedotPay alone processed more than USD 2.95 billion in volume throughout 2025, significantly outpacing its 13 closest competitors.
Cumulatively, StraitsX now processes nearly USD 30 billion in stablecoin transactions, demonstrating that this technology layer operates seamlessly in the background, much like fibre-optic cables.
The surge aligns with a broader global industry trend. Data from Artemis Analytics estimates that global monthly crypto card volumes rose from around USD 100 million in early 2023 to more than USD 1.5 billion by the end of 2025.
Payments giant Visa accounts for more than 90% of on-chain card spending, with its stablecoin-based card transactions reaching an annualised run rate of USD 3.5 billion in the fourth quarter of 2025.
To expand its technological footprint, StraitsX is targeting the launch of its two flagship tokens, XSGD and XUSD, on the Solana network by the end of March to support the x402 standard for machine-to-machine micropayments.
XSGD currently leads the non-USD stablecoin market in Southeast Asia, commanding a market share of more than 70%.
This infrastructure is also beginning to disrupt cross-border payment systems.
Through the Monetary Authority of Singapore’s regulatory initiative, Project BLOOM, Thai tourists may soon be able to scan QR codes in Singapore using KBank’s Q Wallet, with the system automatically converting Thai Q-money into XSGD in the background without user awareness.
Visa’s country manager for Singapore and Brunei, Adeline Kim, likened this shift to driving an electric car on the same roads—while the vehicle changes, the rules and signage remain the same.
This evolution is seen as critical in reducing the high cost of remittances. The World Bank estimates that the average cost of sending USD 200 internationally still stands at 6.49%, a systemic inefficiency that stablecoins could significantly reduce. (SF/ZH)
Originally written by: Zetta Hannany, Sahrudin Fiqri M
Source: IDN Financials
Published on: 30 March 2026
Link to original article: Crypto card volumes surge, stablecoins dominate Southeast Asia
