StraitsX, Southeast Asia’s payment infrastructure provider, has officially launched its Singapore dollar-backed stablecoin, XSGD. According to the announcement, the stablecoin debuted on the XRP Ledger (XRPL) with the partnership with Ripple, a contributor to XRPL.
StraitsX is licensed by the Monetary Authority of Singapore and first introduced XSGD in 2020. The token is fully backed 1:1 with reserves held by DBS Bank and Standard Chartered, offering users trust and transparency.
Now that XSGD is on XRPL, developers, fintech startups, and financial companies can use it for fast payments, smart financial systems, and real-time transfers. XRPL is a blockchain known for being fast, secure, and made for real-world value exchange.
As of now, 14.12 million XSGD tokens are in circulation, and the coin has already been used in over 8 billion on-chain transactions. XSGD also works on other blockchains like Ethereum, Polygon, Arbitrum, Avalanche, Hedera, and Zilliqa. This makes it a truly multi-chain digital currency.
In a statement, Liu Tianwei, Co-Founder and Deputy CEO of StraitsX, said, “The availability of XSGD on the XRP Ledger is more than a deployment. It’s a marker of where financial infrastructure is heading.” He added that stablecoins like XSGD will become the backbone of borderless, real-time, and compliance-ready financial systems.
A second phase of the rollout is expected in June 2025. It will focus on helping businesses use XSGD for things like automated payments, merchant transactions, and following financial rules.
Meanwhile, cross-border e-commerce in Asia is expected to pass $4 trillion by 2030. At the same time, global payments across countries could reach $250 trillion by 2027. Thus, XSGD on XRPL aims to help meet that demand.
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