StraitsX Launches Its Singapore-Dollar Pegged Stablecoin, XSGD, on XRP Ledger
Crypto infrastructure provider StraitsX debuted its Singapore dollar-pegged stablecoin, XSGD, on the XRP Ledger (XRPL) to cater to growing demand for regulated multi-chain stablecoins supporting real-time cross-border payments.
Digital asset developers, fintechs firms and financial institutions can use XSGD to conduct cross-border transactions, settle transactions on-chain and create programmable financial flows.
StraitsX, a major payment institution licensed by the Monetary Authority of Singapore, began issuing XSGD in 2020. The stablecoin pegged to the Singapore dollar is fully backed 1:1 by reserves held with DBS Bank and Standard Chartered.
As of writing, XSGD had a total supply of 14.12 million, with an onchain transaction count exceeding 8 billion. The stablecoin is available on Arbitrum, Avalanche, Ethereum, Polygon, Hedera and Zilliqa.
"At StraitsX, we've always approached stablecoins not just as digital representations of fiat, but as critical infrastructure for the future of financial markets. Launching XSGD on the XRP Ledger is a meaningful step toward that vision – an expansion of interoperability, programmability, and access across networks that were purpose-built for real-world value exchange," Co-Founder and deputy CEO of StraitsX, Liu Tianwei, told CoinDesk.
Regulated stablecoins like XSGD are better positioned to see increased adoption in the expected boom in cross-border economic activity in the coming years. For instance, per some estimates, cross-border e-commerce in Asia is expected to surpass $4 trillion by 2030. Meanwhile, global cross-border payments are projected to hit $250 trillion by 2027, according to a report published by Infosys Finacle last year.
The report mentioned Ripple while discussing various methods fintechs employ for money transfer. The report said that Ripple's real-time settlement of funds "eliminates the need for pre-funding destination accounts and supports low-cost payments within seconds."
The debut of XSGD on the XRP Ledger marks the beginning of a series of upcoming rollouts outlined under the strategic partnership, the press release said.
In June, StraitsX plans to introduce a second phase focused on institutional applications, including programmable payouts, merchant settlements, and seamless compliance integrations for various financial workflows.
"StraitsX's launch of XSGD on the XRP Ledger underscores that digital assets, including stablecoins, could play a pivotal role in payments" said Fiona Murray, managing director of APAC at Ripple.
"We are seeing a growing appetite for stablecoins like XSGD to support enterprise-grade use cases across payments, liquidity, and compliance-first infrastructure. Our collaboration with StraitsX to bring XSGD to the XRP Ledger supports our commitment to delivering regulated assets that can reshape cross-border payments and unlock value for financial institutions," Murray added.
3:00 UTC: Correction: The previous version erroneously said XSGD is powered by XRPL, a decentralized public blockchain by Ripple. It has been removed.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New York Times
3 hours ago
- New York Times
The Washington Post Plans an Influx of Outside Opinion Writers
The Washington Post has published some of the world's most influential voices for more than a century, including columnists like George Will and newsmakers like the Dalai Lama and President Trump. A new initiative aims to sharply expand that lineup, opening The Post to many published opinion articles from other newspapers across America, writers on Substack and eventually nonprofessional writers, according to four people familiar with the plan. Executives hope that the program, known internally as Ripple, will appeal to readers who want more breadth than The Post's current opinion section and more quality than social platforms like Reddit and X. The project will promote the outside opinion columns on The Post's website and app but outside its paywall, according to the people, who would speak only anonymously to discuss a confidential project. It will operate outside the paper's opinion section. The Post aims to strike some of the initial partnership deals this summer, two of the people said, and the company recently hired an editor to oversee writing for Ripple. A final phase, allowing nonprofessionals to submit columns with help from an A.I. writing coach called Ember, could begin testing this fall. Human editors would review submissions before publication. A spokeswoman for The Post declined to comment. Jeff Bezos, the founder and owner of The Post, has been trying to turn around the news organization's struggling business. He has told confidants that he wants to broaden the publication's reach beyond its traditional audience of coastal elites. For years, Mr. Bezos has also urged leaders at The Post to embrace aggregation, the practice of summarizing and linking to journalism published by other outlets, to attract additional readers. Ripple would be a big step in that direction. Executives involved with the project believe that it could reach a potential audience of 38 million U.S. adults, based on internal research, and that some of them would join a 'talent network' to submit their own writing, two of the people said. The company is also planning to explore subscription bundles with partner publishers, one of the people said. Want all of The Times? Subscribe.
Yahoo
4 hours ago
- Yahoo
XRP Ledger Payments Count Falls to Lowest Since October as XRP Fails to Keep With Bitcoin
Activity on the XRP Ledger, a decentralized public blockchain designed for quick, cost-effective real-time transfer of XRP, fiat currencies and other digital assets, has slowed considerably since the first quarter. The number of payment transactions, representing the transfer of value from one account to another, dropped to 320,747 at press time, the lowest since October and significantly down from the average of over 1 million observed through March, April, and early May, according to data source XRPScan. The number of active addresses also fell under 10,000, also the lowest since October. Meanwhile, the number of XRP burned as fees dropped to a multi-month low of 1,500 XRP, coinciding with a slowdown in the creation of new accounts. Account creators need to deposit 1 XRP, which can be reclaimed following the deletion of the account. The slowdown follows an impressive first quarter during which payment transactions surged by an impressive 36% on a quarter-on-quarter basis, according to data tracked by Messari. Meanwhile, active addresses registered a 142% growth. The Messari report was optimistic about XRP Ledger's prospects, citing an increase in institutional adoption through strategic partnerships and acquisitions. In April, Ripple, which leverages the XRP Ledger to provide payment solutions, Hidden Road, making it the first crypto company to own and operate a global, multi-asset prime broker. Early today, Ripple's enterprise-grade RLUSD stablecoin received the green light from the Dubai Financial Services Authority (DFSA), opening doors for its use in the Dubai International Financial Centre (DIFC). More announcements could hit the wires next week during Ripple's XRP Ledger Apex 2025 event, which will take place in Singapore from June 10 to 12. Bitcoin, the leading cryptocurrency by market value, recently rose to new lifetime highs above $110,000, marking a surge of over 40% from its early April lows near $75,000. The stellar recovery also lifted the broader market higher, with XRP jumping from $1.60 to $2.60, a 62% increase, according to CoinDesk data. However, the rally in the payments-focused token has stalled since then, falling well short of its peak of around $3.40 registered in January when BTC set its then-lifetime peak of $109K. The divergence indicates that XRP is not benefitting from bitcoin's new highs the same way it did earlier this year. It could be a sign of waning demand for XRP, suggesting caution, as a potential downturn in Bitcoin could weigh heavily on XRP's price. Sign in to access your portfolio
Yahoo
4 hours ago
- Yahoo
XRP Surges 3% as Global Tensions Boost Cross-Border Payment Utility
XRP climbed 3% over the past 24 hours, defying broader market volatility as geopolitical tensions continue to rattle investors. The token rose from $2.157 to $2.222, driven by strong technical momentum and surging on-chain activity that saw over 500 million tokens transacted in a single day. News Background Rising trade disputes between major economies have triggered market-wide uncertainty, with traditional cross-border payment systems facing increased scrutiny. Amid this backdrop, XRP's ability to facilitate fast, low-cost international transactions has positioned it as a potential alternative settlement solution, attracting fresh interest from both retail and institutional traders. Ripple's RLUSD stablecoin has received regulatory approval from Dubai's financial authority, allowing its use within the Dubai International Financial Centre. Price-ActionAs per CoinDesk's AI-driven technical analysis, XRP's price action has formed a clear uptrend, with higher lows and higher highs emerging throughout the session. The token broke through key resistance at $2.190 on significant volume spikes exceeding 55 million during the 22:00 hour, signaling renewed buying interest. Support has formed around the $2.192-$2.195 range, while a recent pullback to $2.194 appears to be a healthy consolidation after testing the $2.225 level. In the final hour of trading, XRP surged 1.58% from $2.194 to $2.199, accompanied by a notable volume spike at 08:01 with over 5 million tokens changing hands — nearly 10 times the hourly average. The technical picture remains bullish, with consecutive green candles and increasing volume suggesting momentum could carry XRP higher toward the $2.225 resistance level. Technical Analysis Recap XRP climbed from $2.157 to $2.222 over the past 24 hours, a 3% gain. Price action established a clear uptrend, breaking through key resistance at $2.190 on volume spikes over 55 million. Strong support formed at $2.192-$2.195, with healthy consolidation evident after testing $2.225. Notable price surge in the last hour from $2.194 to $2.199, with volume spiking to over 5 million at 08:01. Consecutive green candles and increasing volume suggest potential for further upward movement. As XRP navigates an uncertain macroeconomic landscape, its utility as a cross-border payment asset and increasing transaction volume underscore its role in the evolving global financial ecosystem.
