Solowin Acquires AlloyX for $350M to Expand Stablecoin Infrastructure in Emerging Markets
Hong Kong-based Solowin Holdings (SWIN) has completed a $350 million all-stock acquisition of stablecoin infrastructure provider AlloyX, integrating its technology and team to accelerate Solowin’s expansion into emerging markets.
The acquisition brings AlloyX’s stablecoin application platform, real-world asset (RWA) tokenization tools, and global payments network into Solowin’s ecosystem. AlloyX’s founding team and strategic investors are subject to a 12-month lock-up, with additional incentives linked to the company meeting valuation milestones.
Peter Lok, Solowin’s Chairman and CEO, said the deal supports the company’s “vision for a new financial ecosystem centered on stablecoins,” highlighting its strategy to broaden digital payment and asset capabilities across underserved regions.
An SEC filing notes that AlloyX is an early-stage company with limited operating history, having not generated revenue as of March 31. Revenue is expected to come from its stablecoin payment infrastructure and RWA tokenization services, which provide foundational tools for enterprise adoption of digital assets.
The stablecoin market has grown significantly in recent years, reaching a $280 billion market capitalization, according to DeFiLlama. Tether (USDT) and Circle (USDC) remain the dominant stablecoins, representing more than 80% of total market share, underscoring the increasing role of regulated stablecoins in the digital financial ecosystem.
