StraitsX Launches XSGD Stablecoin on XRP Ledger (XRPL)

StraitsX, Southeast Asia's payment infrastructure provider, has officially launched its Singapore dollar-backed stablecoin, XSGD.

StraitsX, Southeast Asia's payment infrastructure provider, has launched its Singapore dollar-backed stablecoin, XSGD, on the XRP Ledger (XRPL) in partnership with Ripple, a contributor to XRPL, the company announced.

The stablecoin is now available for use by developers, fintech startups, and financial companies on XRPL for tasks such as rapid payments, creating smart financial systems, and real-time value transfer. XRPL is a blockchain that is recognized for its speed, security, and focus on facilitating real-world value exchange.

Announced in 2020, XSGD is a fully-reserved and 1:1 backed stablecoin. Its tokens are fully backed by units of Singapore dollar held in a dedicated bank account at DBS Bank and Standard Chartered Bank, providing users with trust and transparency.

It is noteworthy that 14.12 million XSGD tokens are currently in circulation and have already facilitated more than 8 billion on-chain transactions.

Furthermore, XSGD is deployable on other major blockchains, including Ethereum, Polygon, Arbitrum, Avalanche, Hedera, and Zilliqa, showcasing its capabilities as a multi-chain digital currency.

"The availability of XSGD on the XRP Ledger is more than a deployment. It's a marker of where financial infrastructure is heading," said Liu Tianwei, Co-Founder and Deputy CEO of StraitsX.

"Stablecoins like XSGD will be the building blocks of those borderless, real-time, and compliance-ready financial systems that we are rapidly moving towards."

The second phase of the XSGD rollout is slated for June 2025 and will focus on assisting businesses in leveraging XSGD for tasks such as automated payments, merchant transactions, and seamless adherence to financial regulations.

In the rapidly evolving landscape of cross-border e-commerce within Asia, estimates indicate that this sector is poised to surp $4 trillion by the year 2030.

Simultaneously, the volume of global payments across countries is projected to attain an astounding $250 trillion by 2027.

In launching XSGD on XRPL, StraitsX aims to directly contribute to meeting this burgeoning demand.