Stablecoin-powered payment systems are becoming integrated into everyday transactions across Southeast Asia as infrastructure providers expand their partnerships with card issuers and regional payment networks.
Data from Singapore-based StraitsX shows that from the fourth quarter of 2024 to the same period in 2025, the transaction volume related to its card programs increased 40 times and the number of cards issued increased 83 times.
Card infrastructure expands as market grows
StraitsX primarily operates as a backend provider, allowing partners to issue cards linked to stablecoins rather than offering consumer-facing products. Through its role as a Visa BIN sponsor, the company supports issuers such as RedotPay, which recorded over $2.95 billion in card transaction value in 2025.
The company reported nearly $30 billion in cumulative stablecoin transaction value processed across its infrastructure. Its system converts stablecoin balances into local currency upon payment, allowing users to complete transactions without being directly exposed to cryptographic mechanisms.
Industry data shows this expansion is consistent with broader adoption trends. Artemis Analytics estimates that global monthly crypto card transaction volume will increase from approximately $100 million in early 2023 to more than $1.5 billion by late 2025, representing a compound annual growth rate of 106%. Meanwhile, Dune Analytics recorded a 420% increase in on-chain crypto card spending in 2025, rising from approximately $23 million in January to $120 million in December.
Stablecoins will be integrated into cross-border payments
This infrastructure is also being applied to cross-border retail payments. Under Project BLOOM, an initiative of the Central Bank of Singapore, Thai travelers will be able to pay at merchants in Singapore by scanning a QR code through KBank’s Q Wallet. Transactions are converted in the background between Thailand’s Q-money and StraitsX’s XSGD stablecoin, and payments are made in local currency.
End-user payment behavior remains consistent despite changes in the underlying infrastructure. Visa data shows that cards linked to stablecoins work within existing systems, including standard safeguards and payment processes.
Related: Cryptocurrency VC moves from Web3 to stablecoins due to $33 trillion transaction volume boom
