Stablecoin issuer StraitsX has teamed up with the crypto credit card payments platform UPay to allow users to spend the StraitsX USD (XUSD) stablecoin at real-world merchants.
- Integration: StraitsX will integrate its infrastructure into UPay’s payments ecosystem, which already includes support for Google Pay and Apple Pay.
- Enhanced Utility: This partnership significantly expands the utility of XUSD, a stablecoin regulated by the Monetary Authority of Singapore (MAS) and fully backed 1:1 by the U.S. dollar.
- Real-World Spending: UPay’s main offering is a crypto credit card that allows users to spend cryptocurrency globally at millions of merchants (specifically, over 175 million merchants that accept VISA cards) without pre-exchange. Transactions automatically convert the crypto (now including XUSD) into fiat for the merchant.
- Bridging Finance: UPay CEO Owen Yang emphasized the importance of the collaboration in bridging fiat and cryptocurrency systems, calling StraitsX the “cornerstone” of their future global finance platform.
- Wider Vision: StraitsX co-founder Tianyao Liu highlighted that the partnership goes beyond payments, establishing a system for businesses and consumers to move value across borders efficiently, reducing costs and hassle.
This deal follows a recent string of high-profile partnerships for StraitsX, including collaborations with Grab (GrabPay) and Ant International (Alipay+) for cross-border settlement, and RedotPay for a crypto credit card solution in Southeast Asia.
Explore the guides: MENA Regulation Tracker →Crypto regulation guide →
📧 The Gulf reads Cryptonite first
Get MENA regulation moves, RWA deals and AI-money trends in one weekly brief — plus instant alerts when the MENA Regulation Tracker changes. Free, no spam.
Was this briefing useful?Thanks for the feedback!
