StraitsX Expands Stablecoin Utility Through UPay Partnership

Source: CryptoNewsNet Original Title: StraitsX Expects to See More Stablecoin Payments Action Via UPay Partnership Original Link: Stablecoin operator StraitsX is gaining more exposure through a series of strategic partnerships. The StraitsX USD (XUSD) issuer has struck an agreement with crypto credit card payments platform UPay to enable its digital assets to be spent in real-world stores.

StraitsX will integrate its infrastructure within UPay’s broader payments ecosystem, which includes Google Pay and Apple Pay, expanding the utility of its stablecoin assets.

This represents significant progress for StraitsX, as UPay has developed a comprehensive and fast-growing digital finance platform spanning both cryptocurrency and traditional fiat services. Its primary offering is a crypto credit card that allows users to spend cryptocurrency directly in the real world at millions of merchants globally without needing to exchange it first. Transactions simply convert the crypto into the equivalent fiat amount, which is then sent directly to the merchant’s bank account.

UPay’s services also include crypto loans, allowing users to deposit crypto holdings as collateral to borrow other assets, plus a “savings” feature that uses staking to generate interest.

Singapore-based StraitsX brings valuable credentials to the partnership as the issuer of one of the most regulated stablecoins globally. XUSD is regulated by the Monetary Authority of Singapore and fully compliant with local regulations, providing confidence that XUSD is pegged 1:1 with the U.S. dollar and backed by verified holdings of fiat and other liquid assets.

UPay Chief Executive Owen Yang emphasized the partnership’s importance: “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.”

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. This significantly expands XUSD’s real-world utility beyond its status as a trusted stablecoin asset.

StraitsX has demonstrated strong momentum in partnership development recently. Earlier this month, it announced partnerships with delivery and ride-sharing giant Grab and Ant International. Through Grab, it’s collaborating with GrabPay and Alipay+ on a new, low-cost and instant cross-border settlement service that could integrate XSGD, StraitsX’s second stablecoin pegged to the Singaporean dollar.

Earlier this year, StraitsX also partnered with RedotPay to support collaboration with Visa on a new crypto credit card solution planned for Southeast Asia.

StraitsX co-founder and Head of Partnerships Tianyao Liu highlighted the broader vision: “We are laying down the tracks for a new financial future, built on trust and seamless accessibility,” noting that the partnership extends beyond real-world payments to establish groundwork for businesses and consumers to move value across borders without excessive costs or hassles.