StraitsX Announces Singapores First Dollar-Pegged Stablecoin, XSGD Launch on Bitstamp
StraitsX, a renowned Asian-based payment institution, has announced today the launch of its Singapore dollar-pegged stablecoin, XSGD, on Bitstamp.
Marking a major milestone for the crypto ecosystem, the development aims to address the demand for faster, more cost-effective global transactions, reducing the complexities of conventional financial systems. As such, Bitstamp users can now confidently send and receive the SGD-backed stablecoin across borders.
XSGD Goes Live on Bitstamp
According to the announcement, the token launch follows a recent collaboration between StraitsX and Bitstamp to foster global cross-border payments. As such, the XSGD token has been listed on Bitstamp, the worlds longest-standing cryptocurrency exchange.
While XSGD is now live on Bitstamp, it will be available globally, except in US and EU countries, per the announcement. Nonetheless, the move highlights StraitsXs commitment to advancing the digital assets and payments landscape across Southeast Asia and beyond.
Leveraging Bitstamps prominence in the global cryptocurrency space, the development will enable the mass adoption of XSGD across global markets and set a new benchmark for stable, efficient, and secure digital currency transactions.
Furthermore, users will enjoy unmatched transparency and stability in the global market as XSGD is backed 1:1 to the Singapore dollar (SGD) and fully backed by reserve assets.
The Head of Commercial at StraitsX, Jason Tay emphasized the relevance of the development, saying;
The listing of XSGD on Bitstamp is a pivotal moment in our mission to bring StraitsXs stablecoins to the global stage. By improving liquidity and accessibility, we are enabling faster, more transparent, efficient, and cost-effective on-chain cross-border payment flows. This will transform how individuals and businesses transact internationally, unlocking new opportunities for financial inclusion and global trade.
Leonard Hoh, General Manager for APAC at Bitstamp, also expressed delight at the listing of the token on Bitstamp saying,
We are excited to list XSGD, a stablecoin with immense utility across the APAC region, to our Bitstamp platform. As demand for stable, reliable digital assets continues to grow, the addition of XSGD enhances our platforms liquidity and provides our global users with a trusted SGD-backed asset. This further supports the widespread adoption of stablecoins for cross-border payments and other financial transactions worldwide.
Moreover, Bitstamps status in the global crypto space allows it to offer enhanced liquidity to XSGD users. Thus, users can enjoy reduced transaction costs, faster settlement times, and access to competitive exchange rates for cross-border payments.
Text source: ZyCrypto
