Bitstamp debuts XSGD, a stablecoin pegged to the Singapore dollar
The collaboration between StraitsX and Bitstamp means users can now confidently send and receive Singapore dollar-backed stablecoins seamlessly across borders
StraitsX, a pioneering payments infrastructure for Southeast Asia’s digital asset sector, today announced the listing of its Singapore Dollar-pegged stablecoin, XSGD, on Bitstamp, the world’s longest-running cryptocurrency exchange.
This strategic partnership marks a major step forward for XSGD’s mass adoption in the global market and sets a new benchmark for stable, efficient and secure digital currency trading. XSGD is pegged 1:1 to the Singapore Dollar (SGD) and fully backed by reserve assets, providing users in global markets with unparalleled transparency and stability.
Unlocking global cross-border payment flows
Stablecoins like XSGD are quickly becoming the go-to solution for on-chain cross-border payments, providing a secure and efficient alternative to the traditional financial system. With the listing of XSGD on Bitstamp, users can now confidently send and receive Singapore dollar-backed stablecoins seamlessly across borders. This development meets the demand for faster, more cost-effective global transactions, reducing the complexity of the traditional financial system.
By providing greater financial inclusion and opening up new markets, XSGD will drive the adoption of digital assets and accelerate innovation in cross-border payments. With the enhanced liquidity of global platforms such as Bitstamp, XSGD users can enjoy lower transaction costs, faster settlement times, and access to competitive cross-border payment exchange rates. This will drive greater financial inclusion and enable businesses to explore new markets, creating a frictionless ecosystem for global commerce.
XSGD will be available worldwide through Bitstamp, excluding the United States and EU countries.
"The listing of XSGD on Bitstamp is a pivotal moment in our mission to bring StraitsX's stablecoin to the global stage. By improving liquidity and accessibility, we enable faster, more transparent, more efficient and more cost-effective on-chain cross-border payment flows. This will transform the way individuals and businesses transact internationally, opening up new opportunities for financial inclusion and global trade," said Jason Tay, Head of Commercial at StraitsX. "We are delighted to list XSGD, a stablecoin with huge utility in the Asia Pacific region, on our Bitstamp platform. With the growing demand for stable and reliable digital assets, the addition of XSGD enhances the liquidity of our platform and provides our global users with a trusted Singapore dollar-backed asset. This further supports the widespread adoption of stablecoins for global cross-border payments and other financial transactions," said Leonard Hoh, General Manager of Bitstamp Asia Pacific.
Driving stablecoin adoption
XSGD's listing on Bitstamp underscores StraitsX's commitment to advancing the digital asset and payment landscape in Southeast Asia and beyond. By combining the speed, transparency and decentralization of digital assets with the stability of fiat-backed assets, XSGD is expected to drive mass adoption. This trusted and secure stablecoin provides users with a reliable global cross-border payment solution, making it a key tool for future digital transactions.
About StraitsX
StraitsX (https://www.straitsx.com) is the leading payment infrastructure in Southeast Asia’s digital asset space. StraitsX is a major payment institution authorized by the Monetary Authority of Singapore, providing services for individual and corporate account holders to mint and redeem StraitsX stablecoins, manage payments, and connect their accounts to the digital asset platform. Corporate accounts can also access digital asset platform payment rails that support B2B APIs.
About Bitstamp
Bitstamp is the world's oldest cryptocurrency exchange, providing secure and open access to cryptocurrencies since 2011. With a proven track record and a proven approach to the industry, Bitstamp provides a secure and transparent trading venue for over 5 million people and is the preferred choice for a range of institutional clients seeking a trusted partner to participate in the cryptocurrency market. Bitstamp is an industry leader in both security and compliance, with over 50 licenses and registrations with global financial regulators.
