StraitsX Introduces XSGD Stablecoin on XRP Ledger to Enhance Cross-Border Payments
StraitsX, a payment infrastructure company, has launched its Singapore dollar-pegged stablecoin, XSGD, on the XRP Ledger (XRPL). This initiative aims to provide fast, low-cost cross-border payments and is part of StraitsX’s broader multi-chain strategy to cater to the increasing demand from financial technology (fintech) firms, financial platforms, and digital asset developers for programmable, real-time transaction capabilities.
The announcement highlights the initial phase of a larger partnership with Ripple, focusing on establishing a robust digital infrastructure that emphasises tokenisation and advanced financial services. Though specifics of this collaboration are still emerging, the objective remains clear: to create a regulated system that extends beyond mere payments.
Significance of XSGD’s Launch
Tianwei Liu, Co-Founder and Deputy CEO of StraitsX, stated that the introduction of XSGD on the XRPL signals a significant trend in financial infrastructure. As digital currencies become integral to the global economy, stablecoins like XSGD are expected to form the backbone of compliant and instantaneous financial services that transcend borders.
Eligible users can access and trade XSGD on various platforms. Launched in 2020 and fully backed by reserves held with reputable banks such as DBS Bank and Standard Chartered, the coin benefits from the oversight of the Monetary Authority of Singapore (MAS). This regulatory adherence positions XSGD as one of a select few compliant stablecoins, helping to drive its expansion across numerous blockchain ecosystems.
Achievements and Future Prospects
To date, XSGD boasts over 8 billion on-chain transactions and a circulating supply exceeding 13.6 million tokens. The stablecoin is interoperable across several notable blockchains including Ethereum, Polygon, Hedera, Zilliqa, Arbitrum, and Avalanche, showcasing its versatility and utility.
StraitsX has solidified its status as a forward-thinking player within the rapidly evolving crypto landscape. As regulators in Asia increasingly prioritise fiat-backed digital assets, Singapore’s proactive framework fosters tokenisation and institutional-grade custody solutions. This landscape positions StraitsX favourably as it strives to expand its global footprint while maintaining compliance.
Ripple’s Fiona Murray expressed the firm’s enthusiasm for collaborating with StraitsX, highlighting the shared vision of building an open, enterprise-level payment future. The partnership underscores the potential for XSGD and XRPL to revolutionise how cross-border transactions are conducted in a compliant and efficient manner.
In conclusion, StraitsX’s deployment of XSGD on the XRP Ledger marks a pivotal moment in digital finance, aligning with broader global trends towards faster and more secure payment solutions. As the demand for such services grows, innovations like XSGD will likely play a crucial role in shaping the future of financial transactions.
