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

Singapore, Singapore, October 8th, 2024, Chainwire

• Bitstamp has listed a Singapore Dollar-pegged stablecoin, XSGD, for the first time
• The partnership between StraitsX and Bitstamp means users can now seamlessly send and receive the SGD-backed stablecoin across borders with confidence

This strategic partnership marks a significant step forward in enabling the mass adoption of XSGD across global markets, and sets a new benchmark for stable, efficient, and secure digital currency transactions. XSGD, backed 1:1 to the Singapore dollar (SGD) and fully backed by reserve assets, offers unparalleled transparency and stability for users in global markets.

Unlocking Global Cross-Border Payment FlowsStablecoins like XSGD are rapidly emerging as the preferred solution for on-chain cross-border payments, providing a secure and efficient alternative to traditional financial systems. With the listing of XSGD on Bitstamp, users can now seamlessly send and receive SGD-backed stablecoins across borders with confidence. This development addresses the demand for faster, more cost-effective global transactions, reducing the complexities of conventional financial systems.

By offering greater financial inclusion and opening access to new markets, XSGD will drive digital asset adoption and accelerate innovation in cross-border payments. With enhanced liquidity on a global platform like Bitstamp, XSGD users can enjoy reduced transaction costs, faster settlement times, and access to competitive exchange rates for cross-border payments. This will drive greater financial inclusion and empower businesses to tap into new markets, creating a frictionless ecosystem for global commerce.

XSGD will be available via Bitstamp globally, except in US and EU countries.

"The listing of XSGD on Bitstamp is a pivotal moment in our mission to bring StraitsX’s stablecoins to the global stage. By improving liquidity and accessibility, we are enabling faster, more transparent, efficient, and cost-effective on-chain cross-border payment flows. This will transform how individuals and businesses transact internationally, unlocking new opportunities for financial inclusion and global trade," said Jason Tay, Head of Commercial at StraitsX.

"We are excited to list XSGD, a stablecoin with immense utility across the APAC region, to our Bitstamp platform. As demand for stable, reliable digital assets continues to grow, the addition of XSGD enhances our platform’s liquidity and provides our global users with a trusted SGD-backed asset. This further supports the widespread adoption of stablecoins for cross-border payments and other financial transactions worldwide," said Leonard Hoh, General Manager for APAC at Bitstamp.

About StraitsX

StraitsX is the pioneering payments infrastructure for the digital assets space in Southeast Asia. StraitsX is a Major Payment Institution licensed by the Monetary Authority of Singapore and offers personal and business account holders to mint and redeem StraitsX stablecoins, manage payments as well as connect their accounts to digital asset platforms. Business accounts can also access B2B API-enabled payment rails for digital asset platforms.

About Bitstamp

Bitstamp is the world’s longest-standing cryptocurrency exchange, continuously providing safe and open access to crypto since 2011. With a proven track record and mature approach to the industry, Bitstamp provides a secure and transparent trading venue to over five million individuals and is the preferred choice for a range of institutional clients seeking a trusted partner to participate in crypto markets. Bitstamp is a sector leader in both security and compliance, with more than 50 licences and registrations secured with financial regulators across the globe.

More info is available at https://www.bitstamp.net/

ContactsStraitsXstraitsx@wachsman.com

This article was originally published on Chainwire