A New Onchain Forex Rail Emerges

StraitsX is preparing to launch stablecoins backed by the Singapore dollar and the U.S. dollar on the Solana blockchain. The rollout will allow users to swap between SGD and USD instantly, creating a native digital foreign exchange layer built directly onchain.

The move targets one of the largest inefficiencies in global finance: slow, expensive currency conversion.

Why Solana Was Chosen

Solana’s speed and low transaction costs make it well suited for currency exchange use cases. For FX trading, latency and fees matter far more than complex smart contract logic.

By deploying on Solana, StraitsX can offer:

• Near-instant settlement

• Very low transaction costs

• High throughput for frequent swaps

• Continuous availability without market hours

This allows stablecoin FX to function more like a payment rail than a trading product.

What the Stablecoins Enable

With both SGD and USD represented onchain, users can move between the two currencies without relying on traditional correspondent banking networks.

This unlocks several use cases:

• Instant digital forex swaps

• Cross-border payments

• Treasury management for businesses

• Onchain settlement for trade and commerce

• Faster remittance flows across Asia and the U.S.

Instead of waiting days for FX settlement, conversion can happen in seconds.

A Regulated Approach to Stablecoins

StraitsX operates within Singapore’s regulated financial environment. Its stablecoins are designed to maintain full backing and compliance, making them suitable for institutional and enterprise use.

This regulated positioning matters, especially for currency products that touch real-world payment flows. It allows banks, fintechs, and businesses to interact with onchain FX without stepping outside regulatory boundaries.

Why This Matters for Digital Forex

Foreign exchange is one of the largest financial markets in the world, yet much of its infrastructure remains slow and opaque. Onchain stablecoins introduce transparency, programmability, and speed.

By offering native SGD and USD liquidity on Solana, StraitsX is effectively creating a digital FX pair that trades continuously and settles instantly.

This could serve as a blueprint for other fiat currencies to follow.

What Comes Next

Following the initial launch, StraitsX is expected to expand integrations with wallets, payment providers, and onchain applications. Additional currency pairs could also be introduced over time.

As stablecoins move beyond payments into core financial infrastructure, onchain foreign exchange may become one of their most important real-world applications.