Why the Volume-to-Supply Ratio Tells a Different Story
XUSD has amassed $250 million of gross TVL as of mid-2025. TVL grew by 259% in H2 2024. For a coin with a market cap of ~$45-50 million, that volume-to-supply ratio is astronomically large. This ratio is not what appears when coins are dumped into a crypto wallet and neglected. There are three indicators (on-chain trade activity, reserve composition, and integration of said reserves) that coins being held on-chain, in XUSD's case, were actually used in trade and business rather than being flipped on and off exchanges.
The majority of the stablecoin market inflates volume numbers through wash trading, price arbitrage loops, and exchange-to-exchange trading. Which is why it's crucial to see XUSD's volume broken down by source.
Where That Transaction Growth Actually Came From
The $250 million XUSD-specific gross transaction volume is the headline number. StraitsX's stablecoin volumes across its broader business (Singapore dollar-pegged XSGD included) has totaled just under $30 billion. XUSD represents only a sliver of that overall volume, which shouldn't come as much surprise given that XSGD dominates the market with over 70% share of non-USD stablecoins across Southeast Asian exchanges combined.
What is more meaningful is where that 259% came from: Monthly merchant transaction volume on StraitsX is up 400% and unique users transacting with merchants on the platform are up 6x. Total daily active users transacting on the platform for any reason is up 3.4x since August 2024, 41% of which are from outside Singapore. Merchant volume and unique transacting users are metrics that by their nature measure commercial transactions: somebody buying something, a business paying for supplies, a cross-border transaction flowing in.
The xusd blockchain ecosystem has been generating between $13 million and $17 million of 24-hour trading volume (discrepancy between sources), up 183% from day to day as of last observed. Binance XUSD/USDT alone traded $6.7 million over the last 24 hours. XUSD currently has a circulating supply of between 45 and 51 million coins. Over 25% daily volume to supply is already extremely high for a stablecoin this size. Which, along with those merchant adoption stats, implies a meaningful amount is non-speculative.
What's Actually Backing the Reserves
The key differentiator between stablecoins that can actually be held in a corporate treasury versus stablecoins too risky for a corporate treasury to handle is the reserves backing the stablecoin. XUSD reserves consist of cash and/or short-maturity U.S. Government bonds or notes. Reserves valued at greater than 100% of the outstanding token supply have always been maintained. Reserves are held in wallets that receive independent attestations twice monthly and monthly reserve reports are published by an ISCA-listed auditing firm. Smart contracts have been audited by Quantstamp.
If a corporation loads XUSD into corporate treasury, it's no longer a question of whether the token can be redeemed. The question becomes whether the token can be redeemed quickly. And at par. The DBS and Standard Chartered partnerships build the rails. USD can be deposited into accounts issued by StraitsX's banking partners, and XUSD is received. The reverse process exists for redemptions. It's that two-way flow, backed by Tier 1 banks, that creates true utility for the StraitsX XUSD token for corporate treasuries outside of exchange trading.
XUSD price trades very close to peg. At the time of writing it's $0.999624. Highest XUSD price ever was $1.77. Lowest was $0.9364. The peg has gotten considerably more stable recently, thanks to improved reserve management and depth.
Grab, RedotPay, and Visa: Measuring Integration Depth
StraitsX and Grab signed an expanded MOU in November 2025 to integrate XUSD into Grab's super-app, allowing for roll-out of Web3 wallets to over 100,000 merchants across 8 markets in Asia. Grab currently has over 30 million monthly active users. If even just a fraction of Grab's users start using XUSD via the Grab app (subject to relevant regulatory approvals which have yet to be granted), it will boost transactional volume on xusd blockchain holdings to several multiples of current volume.
The RedotPay partnership shows strong throughput. StraitsX powered RedotPay's stablecoin-backed Visa card from Singapore with over $2.95 billion in card volume transacted globally across the platform throughout 2025. From 2024 to 2025, the proprietary card program grew 40x in transaction volume and 83x in card issuance year-over-year. These aren't forecasts. These are real throughputs flowing through Visa-branded rails. Global crypto card volumes surged from ~$100 million monthly in early 2023 to over $1.5 billion by the end of 2025, according to Artemis Analytics. Visa's spending on cards that can be loaded with stablecoins hit a $3.5 billion annualized run rate in Q4 2025.
Competitive Position and the Regulatory Advantage
XUSD with a market cap of roughly $50 million isn't sized to compete with USDT or USDC. Stablecoin dominance isn't a numbers game. It's an efficiency game of how much activity each dollar of market cap generates. XUSD has had roughly $250 million of volume against a circulating supply of about $50 million. That equates to every XUSD token turning over about 5x during the measurement period. Many stablecoins in the same supply range have volumes that are 100% exchange pairs, with minimal merchant or settlement volume.
StraitsX XUSD network is already live on 10 blockchains (Ethereum, BNB Smart Chain, Polygon, Avalanche, Base, XRPL, Arbitrum, Zilliqa, Hedera, and most recently Solana). StraitsX completed its deployment on Solana in partnership with Solana Foundation towards the end of March 2026. Solana was the first L1 to host both XSGD and XUSD natively. Each chain supports the x402 standard, which enables agent-to-agent payments without human intervention. Most rival stablecoins in Southeast Asia lack this use case.
Price stability, coupled with the MAS regulatory stamp, helps StraitsX XUSD differentiate itself with institutional credibility versus unregulated counterparts. Singapore's central bank confirmed that XUSD fully met its regulatory guidelines for stablecoins. For corporates holding xusd on a blockchain as a potential settlement option, regulation provides transparency that lowers counterparty risk.
B2B Settlement as the Quietest Growth Channel
The clearest evidence of mainstream adoption may not come from consumer-facing applications. Settlement between businesses tells a different story. The goal is complete abstraction of the blockchain layer itself. International users make up 41% of the total user base. That's a reflection of the cross-border settlement beginning to take place with xusd blockchain balances. A Singapore-based company paying a supplier in Vietnam. A Malaysian company receiving USD remittances from a customer in the Philippines. Thousands of examples like this, transacting in XUSD on any supported chain, without ever needing to convert into the traditional correspondent banking system.
Settle transactions in minutes, not days. Pay fractional cost of a wire transfer fee. When people are wondering where to buy BuildOn or illuvium crypto because that's the kind of activity happening in the broader digital asset economy right now, stablecoins like XUSD fill a separate need. XUSD isn't an asset to speculate on. Aptos is speculation on price. XUSD is speculation on the use case of that infrastructure getting used.
With $30 billion cumulative platform volumes. A Grab partnership across eight markets. A Solana-based deployment linking two complete ecosystems (SGD and USD) on the same chain. StraitsX has created tangible commercial volume for the StraitsX XUSD token that most of the crypto market doesn't even know exists. XUSD usage in B2B corridors across Southeast Asia is already far ahead of what its low market cap would suggest.
