XSGD, Singapore’s First Dollar-Backed Stablecoin, Launches on Bitstamp to Enable Global Cross-Border Payments

Singapore, Singapore, October 8th, 2024

• Bitstamp has officially listed XSGD, a stablecoin pegged to the Singapore Dollar, for the first time.
• The collaboration between StraitsX and Bitstamp allows users to send and receive SGD-backed stablecoins seamlessly and securely across borders.

StraitsX, a leading payment infrastructure provider for digital assets in Southeast Asia, has announced the listing of its Singapore Dollar-pegged stablecoin, XSGD, on Bitstamp, the longest-running cryptocurrency exchange in the world.

This partnership represents a significant advancement in the global adoption of XSGD, establishing a new standard for secure, efficient, and stable digital currency transactions. XSGD is fully backed 1:1 by Singapore dollars (SGD) and reserve assets, offering users unmatched transparency and stability in global markets.

Facilitating Global Cross-Border Payments

Stablecoins such as XSGD are increasingly favored for cross-border payments, providing a secure and efficient alternative to traditional financial systems. With XSGD now listed on Bitstamp, users can confidently send and receive SGD-backed stablecoins internationally. This innovation caters to the growing demand for faster and more economical global transactions, simplifying conventional financial processes.

By enhancing financial inclusion and granting access to new markets, XSGD is set to propel the adoption of digital assets and stimulate innovation in cross-border payments. With improved liquidity on a global exchange like Bitstamp, users can benefit from lower transaction fees, quicker settlement times, and competitive exchange rates for international payments, thereby promoting greater financial inclusion and enabling businesses to explore new markets.

XSGD will be accessible through Bitstamp on a global scale, with the exception of users in the US and EU.

Statements from Leadership

"The listing of XSGD on Bitstamp represents a crucial milestone in our effort to promote StraitsX’s stablecoins globally. By enhancing liquidity and accessibility, we are enabling more rapid, transparent, efficient, and cost-effective on-chain cross-border payment flows, thereby unlocking new opportunities for financial inclusion and international trade," commented Jason Tay, Head of Commercial at StraitsX.

Leonard Hoh, General Manager for APAC at Bitstamp, added, "We are thrilled to incorporate XSGD, a stablecoin with substantial utility throughout the APAC region, into our platform. As the demand for stable and reliable digital assets continues to rise, adding XSGD enhances our platform’s liquidity and provides our global users access to a trusted SGD-backed asset."

Promoting the Use of Stablecoins

The inclusion of XSGD on Bitstamp underscores StraitsX’s dedication to progressing the digital asset and payment landscape across Southeast Asia and beyond. By merging the speed, transparency, and decentralization of digital assets with the stability of a fiat-backed asset, XSGD is well-positioned to encourage widespread adoption. This secure and reliable stablecoin presents users with an effective solution for global cross-border payments, establishing it as a critical tool for the future of digital transactions.

About StraitsX

StraitsX is recognized as the pioneering payments infrastructure for the digital assets sector in Southeast Asia. Licensed as a Major Payment Institution by the Monetary Authority of Singapore, StraitsX facilitates personal and business account holders in minting and redeeming stablecoins, managing payments, and connecting with digital asset platforms. Business accounts also have access to B2B API-enabled payment systems for digital asset services.

About Bitstamp

As the world’s oldest cryptocurrency exchange, Bitstamp has been providing secure and open access to crypto since 2011. With an established history and a mature approach to the industry, Bitstamp offers a secure and transparent trading platform to over five million users and is the go-to choice for various institutional clients seeking a reliable partner in crypto markets. The exchange leads in both security and compliance, boasting more than 50 licenses and registrations with financial regulators worldwide.

Contact Information
StraitsX: [email protected]

This article was originally published by Chainwire.