Leading Digital Payment Provider StraitsX Expands Its XSGD Stablecoin to XRP Ledger

Following a partnership with Ripple, StraitsX has introduced its Singapore dollar-pegged stablecoin (XSGD) on the XRP Ledger.

Leading digital payment provider StraitsX has integrated its Singapore dollar-pegged stablecoin (XSGD) with the XRP Ledger following a partnership with Ripple.

Announced by Ripple yesterday, May 19, The Crypto Basic can confirm the move via an X post.

The development aligns with StraitsX’s effort to serve user demand for multi-chain stablecoins that could enable cross-border settlements. The demand has risen in recent times following anticipation of massive economic activity in the Asian market.

The press release states that cross-border commerce in the region could reach $4 trillion by 2030, five years from now. Based on this projection, payment stablecoins like XSGD are expected to see increased demand and ultimately lay the foundation for the next phase of payment innovation in the market.

“We are excited to announce the launch of our Singapore dollar-backed stablecoin, XSGD, on the XRP Ledger,” said Ernest Ng, CEO of StraitsX.

“This launch marks a significant milestone in our journey to provide seamless and efficient cross-border payment solutions. We believe that XSGD will play a crucial role in facilitating the next generation of global financial services.”

The move also follows a strategic partnership between Ripple and StraitsX to introduce the stablecoin to the XRPL. The rollout is expected to occur in phases, beginning with XSGD’s integration into the XRPL.

This launch will give retail users, developers, and institutions open and permissionless access to a regulated Singapore dollar stablecoin like XSGD. Users can leverage XSGD for cross-border transactions, programmable financial flows, and on-chain settlements.

Moreover, StraitsX is expected to activate the second phase of the launch next month, in June 2025. By then, the payment provider will make XSGD available for institutional use.

This planned launch will enable merchant settlements, programmable payouts, and compliance-ready integrations across various financial flows. The rationale behind these deployments is to bridge businesses’ regulatory and operational needs with the speed and flexibility of digital assets.

Licensed by the Monetary Authority of Singapore (MAS), StraitsX has been issuing XSGD since 2020. At the moment, XSGD is available on multiple blockchains, such as Ethereum, Polygon, Arbitrum, Avalanche, Zilliqa, and Hedera. With StraitsX debuting XSGD on XRPL, the stablecoin is now available on seven blockchains.

Notably, StraitsX claims that each XSGD is fully backed 1:1 by cash reserves held at two major financial institutions—Standard Chartered and DBS Bank. It boasts a total supply of 83.61 million tokens, with 13.62 million currently circulating. At press time, its market cap was down 3.23% over the past 24 hours to $10.51 million.

Commenting on the development, APAC Managing Director at Ripple Fiona Muray said that the launch of XSGD on XRPL highlights the role of digital assets like stablecoins in global payments.

“We are excited to announce the launch of StraitsX's XSGD on the XRP Ledger. This integration marks a significant milestone in expanding cross-border payment capabilities and providing seamless financial services to a wider audience,” said Murray.

“We are proud to partner with StraitsX, especially as several institutions and developers seek to build financial applications on-chain. The launch of XSGD on XRPL will enable developers and institutions to access a fully regulated, deep liquidity pool in the Singapore dollar, fostering innovation and interoperability within the cryptocurrency ecosystem.”

In the meantime, the XRP Ledger is gradually providing the necessary infrastructure for top stablecoins following the debut of XSGD.

Last year, Ripple launched its dollar-pegged Ripple USD (RLUSD) stablecoin on the blockchain. In addition, the company partnered with Société Générale’s digital asset subsidiary, SocGen Forge, to introduce a Euro-backed stablecoin on XRPL.