A Singapore issuer created roughly $500 million of a US dollar stablecoin over the past thirteen months. Holders redeemed roughly $505 million of it in the same stretch. The token's supply today sits about $5 million below where the public record begins.

The coin is XUSD, and this week a stablecoin tracker flagged it for 22% weekly growth. That growth was two mints on one day.

What XUSD is

XUSD is issued by StraitsX USD Issuance Pte. Ltd., part of the Singapore payments company StraitsX. The token was deployed on Ethereum in February 2024 and launched publicly on July 17, 2024, the same day the Monetary Authority of Singapore granted Major Payment Institution licences to three StraitsX entities. The issuer publishes monthly reserve attestations from an ISCA-listed audit firm and redeems the token 1:1 for dollars on its own platform.

StraitsX built the coin as settlement plumbing for business-to-business payments and cross-border transfers across ASEAN, and markets it that way. "The launch of XUSD and our recent MPI licences represent major steps forward in simplifying and securing payment settlements," chief executive and co-founder Tianwei Liu said when the coin went live.

Calling totalSupply() on each of the three contracts on August 19, 2026 gives the current picture:

  • BNB Chain: $47,983,843
  • Ethereum: $7,147,961
  • Solana: $50,505

That comes to $55,182,309, trading at $1.0007. Two years after launch, in a stablecoin market north of $300 billion, the whole float would fit inside a single mid-sized wire transfer.

The week that looked like growth

DefiLlama's stablecoin feed ranked XUSD as a supply mover on August 19: up 22.2% over seven days. The BNB Chain balance had been parked at exactly $38,983,843 for twenty-four consecutive days before that. On August 19 it went to $47,983,843, and the Ethereum balance went from $6,147,961 to $7,147,961 on the same day. A $9,000,000 mint and a $1,000,000 mint. Crowds of buyers do not arrive in round millions.

Thirteen months of round numbers

DefiLlama holds 399 days of daily XUSD balances, running from July 17, 2025 to August 19, 2026. Pull every day-over-day change out of that series and the shape has nothing in common with a token people trade.

On 233 of the 398 comparisons, the supply did not move by a single dollar — 58% of days, completely flat. Of the 165 days that did move, 91 moved by an exact multiple of $1,000,000, and 124 moved by an exact multiple of $100,000. The median change was $6,000,000, roughly 11% of the entire float in one day.

The extremes match that pattern. The largest single-day increase was $21,000,000 on April 22, 2026. The largest decrease was $20,710,440 on October 23, 2025. Supply peaked at $92,984,625 on September 9, 2025 and bottomed at $36,096,294 on December 12, 2025 — a 61% swing in three months, with no news attached to either end.

Add up every increase across the thirteen months and you get about $500 million of minting. Add up every decrease and you get about $505 million of redemption. The two legs nearly cancel, which is why the float finished the period $5.2 million smaller than it started.

XUSD supply, weekly (USD millions)

Weekly samples of combined Ethereum and BNB Chain balances from DefiLlama, July 17, 2025 through August 13, 2026. The final point is the live on-chain figure read on August 19, 2026.

Compare it to a stablecoin people actually hold

Run the same arithmetic on USDC over its last 400 days. The supply changed on 395 of them and was flat on four. Not one daily change landed on an exact multiple of $1,000,000. USDT over the same window recorded 384 days of movement, fifteen flat days, and two round-million changes.

Millions of separate holders buying and selling produce ragged numbers with cents on the end. A dozen corporate clients wiring settlement tickets produce $6,000,000. XUSD's supply line is a record of treasury operations, and reading it as a demand curve gets the coin backwards.

The Ethereum drain and the Solana rounding error

The chain split moved too. On July 17, 2025, Ethereum carried $30,578,315 of XUSD, slightly more than half the float. By October 10, 2025 that had fallen to $2,479,046. BNB Chain now holds 87% of every XUSD in existence against Ethereum's 13%. Fee-sensitive payment flows go where blocks are cheap, which explains the direction of travel.

The Solana leg is odder. StraitsX announced with the Solana Foundation that XUSD and its Singapore dollar sibling XSGD would land on Solana in early 2026. The mint address is live and published on the company's own site. It holds $50,505, or nine hundredths of one percent of supply.

Where the $55.2 million sits

BNB Chain holds $47,983,843 (87.0%), Ethereum holds $7,147,961 (13.0%), and Solana holds $50,505 (0.09%). Every figure here came from a totalSupply() call against the published contract addresses on August 19, 2026, and each one matched DefiLlama's number to the cent.

What this changes for you

Every stablecoin tracker ranks coins by circulating supply, and readers treat that ranking as a popularity contest. For a coin built as settlement plumbing, supply is inventory. A corporate client mints $10 million on Monday to pay a supplier in Bangkok and redeems it on Thursday. Both legs land on the chart. Neither one tells you whether anybody wants to hold XUSD.

The practical test takes ten seconds. When a small stablecoin posts a double-digit weekly move, check whether the change is a round number. A float that moved by exactly $9,000,000 moved because of one ticket, and that ticket can come back out next week.

Concentration matters more here than direction. A $6,000,000 median move against a $55 million float points to a small set of counterparties. One of them stepping away cuts the chart 20% with nothing wrong at the issuer, and one of them stepping in does the reverse.

None of this speaks to the coin's safety. XUSD traded at $1.0007 on August 19, it is fully reserved, and StraitsX publishes monthly attestations from an outside auditor. The reserve model and the supply chart answer different questions, and only the first one bears on whether the token holds its peg. You can read the licensing details in StraitsX's own announcement of its MAS licences.

The number worth watching instead

My read is that the 22% week is the least interesting fact about XUSD. The interesting one is that after two years and a Major Payment Institution licence, the float has not grown. StraitsX has real distribution — GrabPay merchants in Singapore, plus a tie-up with KBank and Orbix Technology covering a Singapore-Thailand corridor slated to go live in the second quarter of 2026. Most of that runs on XSGD, the Singapore dollar token. The dollar version is still waiting for its volume.

Two things would signal that changing, and neither is a bigger headline number. The first is the flat-day count falling, since a coin people hold moves every day in ugly amounts. The second is the average move shrinking toward five and six figures. Watch the daily supply series for a month and read the decimals. Round millions mean the same handful of desks are still the whole market. Cents on the end mean somebody new showed up.