Abstract

Stablecoin-linked payment cards have emerged as one of the fastest-growing segments of the digital payments ecosystem, with global monthly transaction volumes rising from approximately $100 million in early 2023 to over $1.5 billion by late 2025, a compound annual growth rate of 106%. This paper examines their development in Southeast Asia, a region that has become a critical laboratory for stablecoin-based retail payment infrastructure. Focusing on Singapore-based StraitsX and its partnerships with Visa, RedotPay, KBank (Thailand), and Grab, the analysis integrates global growth metrics, Singapore’s regulatory trajectory from Project Orchid through Project BLOOM, and the fee economics of stablecoin cards for merchants and consumers. The paper contrasts Singapore’s proactive, sandbox-driven regulatory clarity with more enforcement-oriented or restrictive approaches in Thailand, Indonesia, the Philippines, and Vietnam. It further situates Southeast Asia within the global stablecoin landscape, contrasting the MAS model with the U.S. GENIUS Act (signed July 18, 2025). Drawing on blockchain analytics, official regulatory disclosures, and industry data, the paper argues that Southeast Asia’s experience offers key lessons for policymakers, merchants, and consumers regarding the future of digital retail payments. The paper concludes with implications for regulatory design, consumer protection, and the competitive dynamics between incumbent card networks and new blockchain-native entrants.

Keywords: Stablecoins, Digital payments, Fintech, Blockchain, Southeast Asia, Payment systems, StraitsX, MAS, Regulatory policy