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Stablecoin usage has become all but “invisible” in Singapore markets, with stablecoin frontrunner StraitsX spruiking its stablecoin infrastructure as the future amid a forty-fold volume surge for the transaction technology – and Australia-facing Klevo Rewards (ASX:KLV) is watching very, very closely.
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Disclaimer: This content has been prepared as part of a partnership with Klevo Rewards Ltd and is intended for informational purposes only.
Combing the numbers, it’s clear Singapore is embracing crypto card offerings. From Q4 CY24 to a year later, StraitsX told CoinDesk, there have been 40 times more transactions and a jump over twice as big for cards issued.
Ease is at the heart of Southeast Asia’s adoption. “No user cares about whether a payment runs on stablecoins or fiat; they only care if the payment goes through,” StraitsX co-founder and CEO Tianwei Liu explained.
CoinDesk also pointed out that total crypto card spending on-chain grew by as much as 420% through CY25, from around $23M to $120M in those 12 months. “Visa’s stablecoin-linked card spend alone reached a $3.5 billion annualised run rate by Q4 2025, a 460% year-over-year increase,” the report wrote.
StraitsX has proven there’s success to be had in crypto payments, and is now looking into rollouts across Thailand, Japan, Taiwan and Hong Kong. The soon-to-release system in Thailand will involve scanning QR codes in Singapore using KBank’s Q Wallet to pay merchants in their local currency.
But Australia obviously wasn’t on that plotted rollout list — and that’s exactly where Klevo Rewards comes in with its crypto card offerings Down Under.
“As digital assets adoption becomes more omnipresent, we see a groundswell in demand for consumers to be able to pay using their cryptoassets,” Klevo’s CEO and managing director, Alex Gold, told The Market Link.
The biggest problem many will face in Australia, Mr Gold explained, is that “merchant infrastructure is not ready to accept crypto payments.” That is, most can’t. Klevo’s partnership with Bybit means they can.
Klevo just teamed up with Dubai-based global digital asset platform Bybit (through its subsidiary, Fly Wallet) to develop and launch KLV Coin (KLVAUD), an Australian dollar-backed stablecoin, alongside an integrated payments and rewards ecosystem perfectly placed to enable crypto payments.
The partnership’s plans include a co-branded “Bybit KLV Mastercard,” which will allow users seamless access to KLVAUD spending at point of sale.
“Stablecoin cards are at the forefront of seamless conversion from crypto to fiat currencies (e.g. AUD),” Mr Gold declared. “We’re proud to state our subsidiary, Fly Wallet, is a program manager of Bybit cards in Australia, and while globally their cardholder base has just reached three million users, our Australian base rose from zero to 200,000 cardholders in a short span of just over 12 months since launch.”
He added: “Our stablecoin will enable Australian consumers to expand a number of use cases beyond just card payments, so in the future, consumers will be able to purchase high-value items, like cars and houses.”
There’s no exact launch date penned in yet, but the rollout will begin with Fly Wallet issuing KLVAUD. The Klevo stablecoin will be pegged 1:1 to the Aussie dollar and be fully backed by AUD reserves held in segregated accounts with an ADI. Bybit will manage the global distribution from that point on.
“We’re at the forefront of the rewards industry, not just in Australia but globally, having built a blockchain-based rewards platform which is significantly different from all the legacy platforms,” Mr Gold declared in early March.
(If you want to hear more about that one, I also sat down with Mr Gold for a Capital Compass interview on March 27. You can watch that here.)
Today, KLV shares on the ASX are selling at 23c each; up +283% YTD.
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The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.
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