> ## Content Index > Fetch the complete content index at: https://stablecoininsider.org/llms.txt > Use this file to discover other available public pages before exploring further. # StraitsX Visa Card Issuing: What the 100-Market Deal Means - URL: https://stablecoininsider.org/straitsx-visa-card/ - Published: 2026-10-27T07:26:45.000Z - Updated: 2026-10-27T07:26:47.000Z - Description: StraitsX Visa card issuing now reaches more than 100 markets. Stablecoin Insider breaks down what the deal covers, how XUSD, XSGD and USDC settle card spend, prices the prefunding a multi-market program can free up, and compares StraitsX with Reap and Stripe Issuing with Bridge. - Author: Alexandra - Tags: Fintech, Stablecoins, Stablecoin Cards, StraitsX, visa StraitsX Visa card issuing just went global. On 15 October 2026, the Singapore stablecoin issuer said its partnership with Visa lets it support eligible card programs in more than 100 markets, well beyond its base in Asia ([StraitsX](https://www.straitsx.com/blog-post/straitsx-partners-visa-to-expand-its-reach-to-over-100-markets-globally-on-stablecoin-backed-card-programs)). Visa's Singapore newsroom ran the story on 26 October 2026 and added new growth figures ([Visa](https://www.visa.com.sg/about-visa/newsroom/press-releases/straitsx-partners-visa-to-expand-its-reach-to-over-100-markets-globally-on-stablecoin-backed-card-programmes.html)). For a fintech, wallet or exchange, the pitch is simple. Cardholders tap an ordinary Visa card, while stablecoins such as XUSD, XSGD and USDC fund and settle the spend behind the scenes ([StraitsX](https://www.straitsx.com/platform/card-issuance)). The harder questions are what a StraitsX Visa card program actually includes, how much treasury it ties up, and how it stacks up against rival stablecoin card issuers. This guide answers all three. It lays out the verified numbers, walks through the card stack, prices a hypothetical four-market prefunding setup, and compares StraitsX with Reap and Stripe Issuing with Bridge. ### Key Takeaways - StraitsX and Visa extended StraitsX card issuing to more than 100 markets, subject to local rules and Visa requirements ([StraitsX](https://www.straitsx.com/blog-post/straitsx-partners-visa-to-expand-its-reach-to-over-100-markets-globally-on-stablecoin-backed-card-programs)). - StraitsX card GTV grew 40x and cards issued grew 83x from Q4 2024 to Q4 2025 ([Visa](https://www.visa.com.sg/about-visa/newsroom/press-releases/straitsx-partners-visa-to-expand-its-reach-to-over-100-markets-globally-on-stablecoin-backed-card-programmes.html)). - Its stablecoin-backed card programs run at more than US$6 billion in annualised GTV ([StraitsX](https://www.straitsx.com/blog-post/straitsx-partners-visa-to-expand-its-reach-to-over-100-markets-globally-on-stablecoin-backed-card-programs)). - Programs can settle in XUSD, XSGD, USDC, or prefund in USD and SGD fiat ([StraitsX](https://www.straitsx.com/platform/card-issuance)). - StraitsX quotes 12 to 14 weeks to launch a program on its Visa BIN sponsorship ([StraitsX](https://www.straitsx.com/platform/card-issuance)). ## What StraitsX and Visa announced StraitsX is a Major Payment Institution licensed by the Monetary Authority of Singapore and the issuer of the XUSD and XSGD stablecoins ([Visa](https://www.visa.com.sg/about-visa/newsroom/press-releases/straitsx-partners-visa-to-expand-its-reach-to-over-100-markets-globally-on-stablecoin-backed-card-programmes.html)). Until now, its card issuing business was built in Asia. The Visa partnership lets it support eligible card programs globally, in more than 100 markets. The target customers are fintechs, digital payment token (DPT) service providers, wallets and other businesses that want to connect stablecoin balances to Visa acceptance ([StraitsX](https://www.straitsx.com/blog-post/straitsx-partners-visa-to-expand-its-reach-to-over-100-markets-globally-on-stablecoin-backed-card-programs)). Cardholders keep using familiar Visa credentials, and merchants keep receiving local fiat at their existing terminals ([StraitsX](https://www.straitsx.com/blog-post/how-to-launch-stablecoin-backed-card-program)). Both releases also say the partners will account for evolving money laundering and terrorism financing typologies, and mitigate the risks that arise from the integration ([StraitsX](https://www.straitsx.com/blog-post/straitsx-partners-visa-to-expand-its-reach-to-over-100-markets-globally-on-stablecoin-backed-card-programs)). Trade coverage from [The Paypers](https://thepaypers.com/crypto-web3-and-cbdc/news/straitsx-and-visa-expand-stablecoin-card-issuing-to-100-markets), [Fintech News Singapore](https://fintechnews.sg/138967/digitalassets/straitsx-visa/) and [CFOtech Asia](https://cfotech.asia/story/straitsx-visa-expand-stablecoin-cards-to-100-markets) repeated the release. None of them priced the setup or compared it with other issuers, which is the gap this guide fills. ⚠️ Read the market count carefully. More than 100 markets is the reach StraitsX can now support, subject to regulatory, compliance and Visa requirements. It is not a list of live programs, and neither company has published which countries are included. ## The numbers behind the StraitsX Visa card deal Two different releases carry two different growth measures, so it helps to put them side by side. Every figure below comes from StraitsX or Visa; the derived columns are Stablecoin Insider's arithmetic. | Metric | Figure | Source | | -------------------------------------------------- | -------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | Annualised card GTV, stablecoin-backed programs | More than US$6 billion | [StraitsX, 15 Oct 2026](https://www.straitsx.com/blog-post/straitsx-partners-visa-to-expand-its-reach-to-over-100-markets-globally-on-stablecoin-backed-card-programs) | | Monthly equivalent of that run rate (derived) | About $500 million a month, or about $16.4 million a day | [Derived from StraitsX](https://www.straitsx.com/blog-post/straitsx-partners-visa-to-expand-its-reach-to-over-100-markets-globally-on-stablecoin-backed-card-programs) | | Card GTV growth, Q4 2024 to Q4 2025 | 40x year on year | [Visa, 26 Oct 2026](https://www.visa.com.sg/about-visa/newsroom/press-releases/straitsx-partners-visa-to-expand-its-reach-to-over-100-markets-globally-on-stablecoin-backed-card-programmes.html) | | Cards issued growth, Q4 2024 to Q4 2025 | 83x year on year | [Visa, 26 Oct 2026](https://www.visa.com.sg/about-visa/newsroom/press-releases/straitsx-partners-visa-to-expand-its-reach-to-over-100-markets-globally-on-stablecoin-backed-card-programmes.html) | | Typical time to launch on StraitsX BIN sponsorship | 12 to 14 weeks | [StraitsX](https://www.straitsx.com/platform/card-issuance) | | Stablecoin-linked card programs on Visa | More than 160 | [Visa, Sept 2026](https://investor.visa.com/news/news-details/2026/Visa-Brings-Onchain-Lending-into-Everyday-Payments/default.aspx) | | Visa stablecoin settlement run rate | More than $20 billion annualised, up more than 15x | [Visa, Sept 2026](https://investor.visa.com/news/news-details/2026/Visa-Brings-Onchain-Lending-into-Everyday-Payments/default.aspx) | Sources: [StraitsX release](https://www.straitsx.com/blog-post/straitsx-partners-visa-to-expand-its-reach-to-over-100-markets-globally-on-stablecoin-backed-card-programs), [Visa Singapore release](https://www.visa.com.sg/about-visa/newsroom/press-releases/straitsx-partners-visa-to-expand-its-reach-to-over-100-markets-globally-on-stablecoin-backed-card-programmes.html), [StraitsX card issuance page](https://www.straitsx.com/platform/card-issuance) and [Visa investor release](https://investor.visa.com/news/news-details/2026/Visa-Brings-Onchain-Lending-into-Everyday-Payments/default.aspx). The 40x and 83x multiples compare one quarter with the same quarter a year earlier, so they describe how fast the business grew from a small base, not its size. The US$6 billion run rate is the size figure. Spread over a year, that is roughly $500 million of card spend a month flowing through StraitsX-issued programs ([StraitsX](https://www.straitsx.com/blog-post/straitsx-partners-visa-to-expand-its-reach-to-over-100-markets-globally-on-stablecoin-backed-card-programs)). Context matters too. Visa says more than 160 stablecoin-linked card programs already run on its network, with payment volume on those programs up nearly 200% year over year ([Visa](https://investor.visa.com/news/news-details/2026/Visa-Brings-Onchain-Lending-into-Everyday-Payments/default.aspx)). StraitsX is one of many issuers in that pool. Its edge is that it also issues the stablecoins that settle its programs. ## How a StraitsX Visa card program works StraitsX sells the card program as one stack. Its own breakdown covers API-based virtual and physical card issuance, Visa BIN sponsorship, issuer processing, Apple Pay, Google Pay and Samsung Pay provisioning, and stablecoin settlement in XSGD and XUSD ([StraitsX](https://www.straitsx.com/blog-post/single-integration-card-issuance)). Dedicated BINs are the standard setup, so each program gets its own BIN configuration ([StraitsX](https://www.straitsx.com/blog-post/how-to-launch-stablecoin-backed-card-program)). A typical card payment runs in five steps, based on StraitsX's own documentation: 1. The platform opens a StraitsX account with stablecoin support and funds it, either prefunded or just in time ([StraitsX](https://www.straitsx.com/platform/card-issuance)). 2. The cardholder taps a Visa card or a phone wallet at any Visa merchant. 3. Under the prefunded model, the authorisation checks a spendable balance ledger. Under just in time funding, the stack pulls and converts stablecoins from the user's wallet at authorisation ([StraitsX](https://www.straitsx.com/blog-post/how-to-launch-stablecoin-backed-card-program)). 4. The merchant receives local fiat as usual, and StraitsX handles stablecoin settlement and fiat conversion behind the scenes ([StraitsX](https://www.straitsx.com/blog-post/how-to-launch-stablecoin-backed-card-program)). 5. Settlement draws on the stablecoin reserves the platform keeps with StraitsX, which can be topped up around the clock instead of waiting for bank cut-offs ([StraitsX](https://www.straitsx.com/platform/card-issuance)). The settlement asset is where StraitsX differs most from a typical issuer processor. It lists XUSD and XSGD as issuer-native settlement rails with no additional stablecoin handling fees, USDC as a supported third-party stablecoin, and USD and SGD as direct fiat prefunding options ([StraitsX](https://www.straitsx.com/platform/card-issuance)). For a deeper look at the layers behind any stablecoin card, see [how stablecoin card issuing infrastructure works](https://stablecoininsider.org/the-infrastructure-behind-stablecoin-cards/). Named StraitsX card customers include OKX, RedotPay, UPay, Chocolate Finance, Tevau and Pionex ([StraitsX](https://www.straitsx.com/blog-post/how-to-launch-stablecoin-backed-card-program)). Most are crypto-native platforms, which fits the release's focus on wallets and DPT service providers. ## Worked example: how much prefunding a single stablecoin pool can free StraitsX's main treasury argument is that stablecoin settlement lets a program avoid opening separate bank prefunding accounts in every new country, and run multi-market operations from one treasury framework ([StraitsX](https://www.straitsx.com/blog-post/how-to-launch-stablecoin-backed-card-program)). The example below puts rough numbers on that claim. Every input is a hypothetical assumption, not StraitsX pricing. Assume a wallet runs a card program in four markets with $3,000,000 of monthly card spend, split evenly. Over a 30-day month that is $100,000 of spend a day, or $25,000 a day per market. Under local fiat prefunding, each market's account can only be topped up on banking days, so it needs to hold about three days of spend to get from Friday's cut-off to Monday ([StraitsX describes this cut-off problem](https://www.straitsx.com/blog-post/how-to-launch-stablecoin-backed-card-program)). With one stablecoin pool that can be topped up 24/7, one day of total spend is a reasonable buffer ([StraitsX](https://www.straitsx.com/platform/card-issuance)). | Setup (hypothetical) | Buffer rule | Cash parked | Notes | | ------------------------------------------------ | -------------------------------- | -------------------- | ---------------------------------------- | | Local fiat prefunding, 4 markets | 3 days x $25,000 in each market | $300,000 | Four separate bank accounts to reconcile | | Single stablecoin pool (XUSD, XSGD or USDC) | 1 day x $100,000, pooled | $100,000 | Top-ups any hour, including weekends | | Difference | | $200,000 freed | Two thirds less idle working capital | | Stress case: 4-day holiday weekend in one market | That market needs $100,000 alone | $325,000 vs $100,000 | The pooled buffer does not change | Assumptions: $3,000,000 monthly spend, even split, 30-day month, three-day weekend buffer for bank rails. Settlement assets and 24/7 top-ups as described by [StraitsX](https://www.straitsx.com/platform/card-issuance). The point is not the exact $200,000\. It is the shape of the saving. Fragmented fiat prefunding grows with every market you add, while a pooled stablecoin buffer grows only with total spend. A program that adds a fifth and sixth market under the fiat model would park another $150,000 at three days each, against no structural change in the pooled model ([StraitsX on multi-market expansion](https://www.straitsx.com/blog-post/single-integration-card-issuance)). Two caveats keep this honest. The pooled model swaps bank risk for stablecoin issuer and custody risk, so the reserve quality of the settlement coin matters. And a single integration also means heavier reliance on one provider, a trade-off StraitsX itself flags ([StraitsX](https://www.straitsx.com/blog-post/single-integration-card-issuance)). ## StraitsX vs Reap vs Stripe Issuing with Bridge StraitsX is the second Asian stablecoin card issuer in a month to announce a 100+ market Visa expansion. Reap and Visa announced stablecoin-linked credit card programs across 100+ markets on 23 September 2026 ([PR Newswire](https://www.prnewswire.com/apac/news-releases/reap-and-visa-collaborate-to-launch-stablecoin-card-programs-across-100-markets-302886930.html)), and Stripe Issuing offers stablecoin-funded cards with Bridge ([Stripe docs](https://docs.stripe.com/issuing/stablecoin-cards)). The three models differ more than the headlines suggest. | Factor | StraitsX + Visa | Reap + Visa | Stripe Issuing + Bridge | | ------------------------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------- | | Card type | Virtual and physical cards ([StraitsX](https://www.straitsx.com/platform/card-issuance)) | Credit cards ([PR Newswire](https://www.prnewswire.com/apac/news-releases/reap-and-visa-collaborate-to-launch-stablecoin-card-programs-across-100-markets-302886930.html)) | Prepaid or debit cards ([Stripe docs](https://docs.stripe.com/issuing/stablecoin-cards)) | | Stated reach | More than 100 markets, subject to requirements ([StraitsX](https://www.straitsx.com/blog-post/straitsx-partners-visa-to-expand-its-reach-to-over-100-markets-globally-on-stablecoin-backed-card-programs)) | 100+ markets, adding EMEA and Africa ([PR Newswire](https://www.prnewswire.com/apac/news-releases/reap-and-visa-collaborate-to-launch-stablecoin-card-programs-across-100-markets-302886930.html)) | New markets through a single integration; no count given ([Stripe docs](https://docs.stripe.com/issuing/stablecoin-cards)) | | How stablecoins are used | Prefunded balance or just in time funding; settlement in XUSD, XSGD or USDC | Stablecoins as collateral, repayment in stablecoins | Spend just in time from a linked wallet, or from a Stripe financial account holding USDC | | Issuer-native stablecoin | Yes: XUSD and XSGD | No | Bridge can issue stablecoins, but the card docs centre on USDC | | Published launch time | 12 to 14 weeks | Not published | Not published; private preview | | Best fit | Wallets and DPT providers that want SGD or USD stablecoin settlement | Programs that want a credit line backed by stablecoins | Platforms already on Stripe or Bridge | Sources: [StraitsX](https://www.straitsx.com/platform/card-issuance), [StraitsX launch guide](https://www.straitsx.com/blog-post/how-to-launch-stablecoin-backed-card-program), [Reap and Visa release](https://www.prnewswire.com/apac/news-releases/reap-and-visa-collaborate-to-launch-stablecoin-card-programs-across-100-markets-302886930.html) and [Stripe Issuing stablecoin cards docs](https://docs.stripe.com/issuing/stablecoin-cards). Stablecoin Insider covered the Reap deal in detail in [Reap and Visa expand stablecoin credit cards to 100+ markets](https://stablecoininsider.org/reap-visa-stablecoin-credit-cards-100-markets/), and the Stripe path in [how to issue a Stripe stablecoin-backed card with Bridge](https://stablecoininsider.org/how-to-issue-a-stripe-stablecoin-backed-card-with-bridge/). The split is clear. Reap sells credit, Stripe sells developer reach inside an existing payments stack, and StraitsX sells settlement in its own coins. For a program whose users hold Singapore dollars or want a regulated Singapore issuer behind the settlement asset, StraitsX is the only one of the three that issues a Singapore dollar stablecoin ([StraitsX](https://www.straitsx.com/platform/card-issuance)). [Best Stablecoin Ramps in Southeast AsiaWhere StraitsX fits among Southeast Asian ramps, from XSGD and XIDR issuance to peso and rupiah payouts.![](https://stablecoininsider.org/favicon.ico)Stablecoin Insider](https://stablecoininsider.org/best-stablecoin-ramps-southeast-asia/) ## Questions to ask before signing a StraitsX Visa card program The releases leave the commercial detail to sales conversations. These are the questions worth putting in writing: 1. Which of the 100+ markets are live for your program type today, and which are pending Visa or regulator approval? FinCrunch notes that no market list was published ([FinCrunch](https://www.fincrunch.org/article/straitsx-visa-stablecoin-card-issuing-100-markets)). 2. Is your program prefunded or just in time, and what happens to an authorisation if the stablecoin balance is short? 3. Which settlement asset will you hold, XUSD, XSGD or USDC, and what fees apply to each ([StraitsX](https://www.straitsx.com/platform/card-issuance))? 4. Who owns cardholder KYC, sanctions screening and Travel Rule checks for on-chain top-ups ([StraitsX](https://www.straitsx.com/blog-post/how-to-launch-stablecoin-backed-card-program))? 5. What does migration look like if you already run cards with another issuer, including BINs, tokenised wallet cards and settlement flows ([StraitsX](https://www.straitsx.com/blog-post/single-integration-card-issuance))? Corporate card buyers should add one more: whether the program supports entity-level KYB and commercial BINs. Stablecoin Insider's guide to [stablecoin-backed corporate cards](https://stablecoininsider.org/stablecoin-backed-corporate-cards/) explains why that matters for B2B programs. ## What the announcement leaves out The companies did not publish a country list, launch dates for individual programs, customer volume forecasts or commercial terms ([FinCrunch](https://www.fincrunch.org/article/straitsx-visa-stablecoin-card-issuing-100-markets)). That makes the 100-market figure a statement of capability, and buyers will need program-level answers before they plan a launch. There is an agentic angle too. Both releases say StraitsX is building infrastructure for payments initiated by AI agents ([Visa](https://www.visa.com.sg/about-visa/newsroom/press-releases/straitsx-partners-visa-to-expand-its-reach-to-over-100-markets-globally-on-stablecoin-backed-card-programmes.html)), and StraitsX already markets single-use Agentic Cards funded with XUSD or XSGD, with spend limits, merchant categories and validity periods per card ([StraitsX](https://www.straitsx.com/platform/agentic-cards)). Whether those cards ride on the same 100-market Visa reach is not stated. 💡 Stablecoin Insider's take: The StraitsX Visa card deal matters less for the 100-market headline than for who settles the spend. StraitsX is one of very few card issuers that also mints the settlement coin, which removes one counterparty and one fee layer. The risk is concentration: the issuer, the processor and the stablecoin are the same company. Programs that want to use it should insist on a live market list and an exit plan before they move their BINs. [How stablecoin card issuing infrastructure works](https://stablecoininsider.org/the-infrastructure-behind-stablecoin-cards/) ## FAQ #### What is the StraitsX Visa card partnership? A partnership that lets StraitsX support eligible stablecoin-backed Visa card programs in more than 100 markets, beyond its base in Asia ([StraitsX](https://www.straitsx.com/blog-post/straitsx-partners-visa-to-expand-its-reach-to-over-100-markets-globally-on-stablecoin-backed-card-programs)). #### Can consumers apply for a StraitsX Visa card directly? The offer is aimed at businesses. Fintechs, DPT service providers and wallets build card programs on StraitsX infrastructure and issue cards to their own users ([StraitsX](https://www.straitsx.com/blog-post/straitsx-partners-visa-to-expand-its-reach-to-over-100-markets-globally-on-stablecoin-backed-card-programs)). #### Which stablecoins settle StraitsX card programs? XUSD and XSGD, issued by StraitsX, plus USDC as a supported third-party stablecoin. Programs can also prefund in USD or SGD fiat ([StraitsX](https://www.straitsx.com/platform/card-issuance)). #### Do merchants have to accept stablecoins? No. Merchants receive local fiat at their existing terminals, and StraitsX handles stablecoin settlement and conversion behind the scenes ([StraitsX](https://www.straitsx.com/blog-post/how-to-launch-stablecoin-backed-card-program)). #### How long does it take to launch a StraitsX card program? StraitsX quotes 12 to 14 weeks using its Visa BIN sponsorship ([StraitsX](https://www.straitsx.com/platform/card-issuance)). #### Do StraitsX cards work with Apple Pay and Google Pay? Yes, for eligible programs. StraitsX supports Apple Pay, Google Pay and Samsung Pay, plus tokenised wearables such as rings and watches ([StraitsX](https://www.straitsx.com/platform/card-issuance)). ## What to watch next Three signals will show whether the expansion is real: the first named program launched outside Asia, a published market list, and whether StraitsX starts reporting live monthly volume on its card page ([StraitsX](https://www.straitsx.com/platform/card-issuance)). With Reap chasing the same 100+ market reach on Visa, buyers should be able to compare two written offers. For a platform choosing an issuer today, the practical step is to model treasury before features. Run the prefunding table above with real spend data, then ask each issuer which settlement asset it can hold and how fast it can be topped up. This content is provided for informational and educational purposes only and does not constitute financial, investment, legal or tax advice. Card program availability, market coverage, settlement assets and terms depend on StraitsX, Visa and local regulators, so confirm current details with the providers before you commit to a program. No material herein should be interpreted as a recommendation, endorsement, or solicitation to buy or sell.