StraitsX has partnered with Visa to expand its stablecoin-backed card issuing capabilities to more than 100 markets.
The partnership will allow the Singapore-based company to extend its infrastructure beyond Asia to support eligible card programmes, subject to regulatory, compliance and Visa requirements.
The expanded capabilities are intended for fintechs, digital payment token (DPT) service providers, wallet operators and other businesses developing stablecoin-backed card programmes.
StraitsX reported more than US$6 billion in annualised card gross transaction value (GTV) across its stablecoin-backed card programmes in Asia.
The programmes allow stablecoins to support card funding and settlement while customers pay through Visa’s network without requiring merchants to accept stablecoins directly.
Tianwei Liu, CEO and Co-Founder of StraitsX, said,
“Stablecoin-backed cards have become one of the clearest examples of how stablecoins can move beyond settlement and into everyday payments.
We have seen significant growth in this use case across Asia. Expanding our issuing capabilities globally allows us to bring the same infrastructure to businesses looking to build and scale card programs across markets.”
The companies said they would also consider evolving money laundering and terrorism financing risks and seek to mitigate them as part of the integration.
Rubail Birwadker, Global Head of Growth Products & Partnerships at Visa, said,
“At Visa, we are focused on bringing the benefits of new payment technologies into the global financial system in a way that is secure, scalable and trusted.
Working closely with our partner, StraitsX, we are unlocking more ways to use stablecoins for real-world payment flows, while connecting them to the reach and reliability of Visa’s global network.”
Featured image: Edited by Fintech News Singapore, based on image by riccosta via Magnific
