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Straits Times
20-05-2025
- Business
- Straits Times
Sing$-backed stablecoin XSGD more widely available for use as it launches on new blockchain platform
Digital payment infrastructure provider StraitsX launched the XSGD on the XRP Ledger on May 20. PHOTO: STRAITSX/FACEBOOK Sing$-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. Join ST's Telegram channel and get the latest breaking news delivered to you.
Yahoo
20-05-2025
- Business
- Yahoo
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.
