Solowin Holdings (SWIN), a publicly-traded investment holding firm, has announced it completed a $350 million acquisition of stablecoin infrastructure provider AlloyX, integrating its talent and technology as it aims to bolster its expansion into emerging markets.
The Hong Kong-based financial firm said in a press release that the deal integrates AlloyX’s infrastructure, including a stablecoin application platform, real-world asset (RWA) tokenization tools, and a global payments network, into Solowin’s ecosystem.
The acquisition, an all-stock deal, includes a 12-month lock-up period for AlloyX’s founding team and strategic investors. It also features an incentive structure based on AlloyX’s valuation milestones
Solowin’s Chairman and CEO Peter Lok said the acquisition builds on the company’s “vision for a new financial ecosystem centered on stablecoins.”
An SEC exhibit describes AlloyX as an “early-stage company with limited history” that has “yet to generate revenue” as of March 31. It generated revenue through its stablecoin payment infrastructure and through real-world asset tokenization, the document says.
The stablecoin ecosystem has been growing exponentially over the last few years. It now bolsters a $280 billion market capitalization according to DeFiLlama data, with Tether’s USDT and Circle’s USDC remaining the dominant stablecoins making up over 80% of the sector.