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

Singapore, Singapore, October eighth, 2024, Chainwire

• Bitstamp has listed a Singapore Greenback-pegged stablecoin, XSGD, for the primary time
• The partnership between StraitsX and Bitstamp means customers can now seamlessly ship and obtain the SGD-backed stablecoin throughout borders with confidence

StraitsX, the pioneering funds infrastructure for the digital belongings house in Southeast Asia, has right this moment introduced the itemizing of XSGD, its Singapore dollar-pegged stablecoin, on Bitstamp, the world’s longest-running cryptocurrency alternate. 

This strategic partnership marks a big step ahead in enabling the mass adoption of XSGD throughout world markets, and units a brand new benchmark for secure, environment friendly, and safe digital forex transactions. XSGD, backed 1:1 to the Singapore greenback (SGD) and totally backed by reserve belongings, provides unparalleled transparency and stability for customers in world markets. 

Unlocking World Cross-Border Cost Flows

Stablecoins like XSGD are quickly rising as the popular answer for on-chain cross-border funds, offering a safe and environment friendly different to conventional monetary methods. With the itemizing of XSGD on Bitstamp, customers can now seamlessly ship and obtain SGD-backed stablecoins throughout borders with confidence. This growth addresses the demand for sooner, less expensive world transactions, decreasing the complexities of typical monetary methods. 

By providing higher monetary inclusion and opening entry to new markets, XSGD will drive digital asset adoption and speed up innovation in cross-border funds. With enhanced liquidity on a worldwide platform like Bitstamp, XSGD customers can take pleasure in diminished transaction prices, sooner settlement occasions, and entry to aggressive alternate charges for cross-border funds. This may drive higher monetary inclusion and empower companies to faucet into new markets, making a frictionless ecosystem for world commerce.

XSGD can be obtainable by way of Bitstamp globally, besides in US and EU nations.

“The itemizing of XSGD on Bitstamp is a pivotal second in our mission to convey StraitsX’s stablecoins to the worldwide stage. By bettering liquidity and accessibility, we’re enabling sooner, extra clear, environment friendly, and cost-effective on-chain cross-border fee flows. This may remodel how people and companies transact internationally, unlocking new alternatives for monetary inclusion and world commerce,” mentioned Jason Tay, Head of Business at StraitsX.

“We’re excited to record XSGD, a stablecoin with immense utility throughout the APAC area, to our Bitstamp platform. As demand for secure, dependable digital belongings continues to develop, the addition of XSGD enhances our platform’s liquidity and gives our world customers with a trusted SGD-backed asset. This additional helps the widespread adoption of stablecoins for cross-border funds and different monetary transactions worldwide,” mentioned Leonard Hoh, Normal Supervisor for APAC at Bitstamp.

Driving Adoption of Stablecoins

The itemizing of XSGD on Bitstamp highlights StraitsX’s dedication to advancing the digital belongings and funds panorama throughout Southeast Asia and past. By combining the pace, transparency, and decentralisation of digital belongings with the soundness of a fiat-backed asset, XSGD is positioned to drive mass adoption. This trusted and safe stablecoin provides customers a dependable answer for world cross-border funds, making it a pivotal device for the way forward for digital transactions. 

About StraitsX

StraitsX is the pioneering funds infrastructure for the digital belongings house in Southeast Asia. StraitsX is a Main Cost Establishment licensed by the Financial Authority of Singapore and provides private and enterprise account holders to mint and redeem StraitsX stablecoins, handle funds in addition to join their accounts to digital asset platforms. Enterprise accounts may also entry B2B API-enabled fee rails for digital asset platforms.

About Bitstamp

Bitstamp is the world’s longest-standing cryptocurrency alternate, repeatedly offering protected and open entry to crypto since 2011. With a confirmed monitor report and mature strategy to the trade, Bitstamp gives a safe and clear buying and selling venue to over 5 million people and is the popular alternative for a spread of institutional shoppers in search of a trusted associate to take part in crypto markets. Bitstamp is a sector chief in each safety and compliance, with greater than 50 licences and registrations secured with monetary regulators throughout the globe. 

Extra data is on the market at https://www.bitstamp.net/ 

Contacts

StraitsX
[email protected]