StableX Technologies (NASDAQ:SBLX), formerly AYRO, has initiated its first token purchase of FLUID as part of its strategy to invest up to $100M in crypto tokens powering the stablecoin industry. FLUID, a DeFi exchange launched in late 2024, has captured 31% of all stablecoin swap volume and generates $5.37 million in monthly fees.

The platform dominates USDe and GHO swaps with market shares of 55% and 67% respectively. FLUID’s user base has grown 80% in the past month, and it plans to implement a token buyback program using all revenue starting October 1, 2025. The exchange is backed by notable investors including Coinbase Ventures and Pantera Capital.