Sing$-backed stablecoin XSGD more widely available for use as it launches on new blockchain platform
Sing$-backed stablecoin XSGD more widely available for use as it launches on new blockchain platform
SINGAPORE - More developers, fintechs, and financial institutions can use the Singapore dollar-backed stablecoin XSGD as it becomes available on yet another blockchain platform.
On May 20, StraitsX, a digital payment infrastructure provider backed by Standard Chartered Bank, launched the stablecoin on the XRP Ledger (XRPL), a public blockchain built for large-scale tokenisation of both crypto-native and real-world assets.
The stablecoin, which is fully backed 1:1 by reserves held with DBS Bank and Standard Chartered, allows users another option for payment, including real-time cross-border payments and on-chain settlement.
The launch was done together with Ripple, an enterprise blockchain and crypto solutions firm which also helped developed XRPL. Anyone can access and view data on the XRPL.
StraitsX began issuing XSGD back in 2020, which was then only accessible and used by those with a StraitsX account. Since then, the stablecoin has been made available to use on a number of blockchain platforms such as Ethereum and Polygon.
'The availability of XSGD on the XRP Ledger is more than a deployment. It's a marker of where financial infrastructure is heading,' said Mr Liu Tianwei, co-founder and deputy chief executive officer at StraitsX.
He added: 'As digital money becomes embedded in the global economy, regulated stablecoins like XSGD will serve as the foundation for borderless, real-time, and compliant-ready financial services.'
StraitsX intends to ensure the stablecoin on XRPL will be ready for institutional use in June, allowing for payouts to be programmed and for merchant settlements. This will ensure speed and flexibility of digital assets with the regulatory and operational needs of businesses, regulators, and financial institutions.
The company is part of the Monetary Authority of Singapore's (MAS's) multi-year initiative Project Orchid, which aims to develop the infrastructure and competencies needed for a Singdollar-backed stablecoin.
Retail use is also part of the trial. For example, StraitsX in November 2024 launched a cross-border settlement solution in conjunction with Singapore GrabPay merchants and Chinese cross-border mobile payments and marketing platform Alipay+. Tourists from nine countries can use their home payment apps to make payments in Singapore with selected GrabPay merchants, with the local merchants receiving the money immediately using the XSGD stablecoin.
Ms Fiona Murray, managing director of Asia-Pacific at Ripple, said the launch of the XSGD on the ledger could play a pivotal role in payments. 'As institutions and developers seek to build real-world financial applications on-chain, we're proud to collaborate with forward-looking partners like StraitsX to lay the groundwork for an open, enterprise-grade payments future in Singapore and beyond.'
Cross-border commerce in Asia expected to surpass US$4 trillion (S$5.18 trillion) by 2030. Regulated stablecoins, like XSGD, are seen as an essential building block in the next phase of payment innovation.
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