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

Singapore,
Singapore,
October
8th,
2024,
Chainwire

• Bitstamp
  has
  listed
  a
  Singapore
  Dollar-pegged
  stablecoin,
  XSGD,
  for
  the
  first
  time
• The
  partnership
  between
  StraitsX
  and
  Bitstamp
  means
  users
  can
  now
  seamlessly
  send
  and
  receive
  the
  SGD-backed
  stablecoin
  across
  borders
  with
  confidence

StraitsX,
the
pioneering
payments
infrastructure
for
the
digital
assets
space
in
Southeast
Asia,
has
today
announced
the
listing
of
XSGD,
its
Singapore
dollar-pegged
stablecoin,
on
Bitstamp,
the
world’s
longest-running
cryptocurrency
exchange.

This
strategic
partnership
marks
a
significant
step
forward
in
enabling
the
mass
adoption
of
XSGD
across
global
markets,
and
sets
a
new
benchmark
for
stable,
efficient,
and
secure
digital
currency
transactions.
XSGD,
backed
1:1
to
the
Singapore
dollar
(SGD)
and
fully
backed
by
reserve
assets,
offers
unparalleled
transparency
and
stability
for
users
in
global
markets.

Unlocking
Global
Cross-Border
Payment
Flows

Stablecoins
like
XSGD
are
rapidly
emerging
as
the
preferred
solution
for
on-chain
cross-border
payments,
providing
a
secure
and
efficient
alternative
to
traditional
financial
systems.
With
the
listing
of
XSGD
on
Bitstamp,
users
can
now
seamlessly
send
and
receive
SGD-backed
stablecoins
across
borders
with
confidence.
This
development
addresses
the
demand
for
faster,
more
cost-effective
global
transactions,
reducing
the
complexities
of
conventional
financial
systems.

By
offering
greater
financial
inclusion
and
opening
access
to
new
markets,
XSGD
will
drive
digital
asset
adoption
and
accelerate
innovation
in
cross-border
payments.
With
enhanced
liquidity
on
a
global
platform
like
Bitstamp,
XSGD
users
can
enjoy
reduced
transaction
costs,
faster
settlement
times,
and
access
to
competitive
exchange
rates
for
cross-border
payments.
This
will
drive
greater
financial
inclusion
and
empower
businesses
to
tap
into
new
markets,
creating
a
frictionless
ecosystem
for
global
commerce.

XSGD
will
be
available
via
Bitstamp
globally,
except
in
US
and
EU
countries.

“The
listing
of
XSGD
on
Bitstamp
is
a
pivotal
moment
in
our
mission
to
bring
StraitsX’s
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,”
said
Jason
Tay,
Head
of
Commercial
at
StraitsX.

“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
platform’s
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,”
said
Leonard
Hoh,
General
Manager
for
APAC
at
Bitstamp.

Driving
Adoption
of
Stablecoins

The
listing
of
XSGD
on
Bitstamp
highlights
StraitsX’s
commitment
to
advancing
the
digital
assets
and
payments
landscape
across
Southeast
Asia
and
beyond.
By
combining
the
speed,
transparency,
and
decentralisation
of
digital
assets
with
the
stability
of
a
fiat-backed
asset,
XSGD
is
positioned
to
drive
mass
adoption.
This
trusted
and
secure
stablecoin
offers
users
a
reliable
solution
for
global
cross-border
payments,
making
it
a
pivotal
tool
for
the
future
of
digital
transactions.

About
StraitsX

StraitsX
is
the
pioneering
payments
infrastructure
for
the
digital
assets
space
in
Southeast
Asia.
StraitsX
is
a
Major
Payment
Institution
licensed
by
the
Monetary
Authority
of
Singapore
and
offers
personal
and
business
account
holders
to
mint
and
redeem
StraitsX
stablecoins,
manage
payments
as
well
as
connect
their
accounts
to
digital
asset
platforms.
Business
accounts
can
also
access
B2B
API-enabled
payment
rails
for
digital
asset
platforms.

About
Bitstamp

Bitstamp
is
the
world’s
longest-standing
cryptocurrency
exchange,
continuously
providing
safe
and
open
access
to
crypto
since
2011.
With
a
proven
track
record
and
mature
approach
to
the
industry,
Bitstamp
provides
a
secure
and
transparent
trading
venue
to
over
five
million
individuals
and
is
the
preferred
choice
for
a
range
of
institutional
clients
seeking
a
trusted
partner
to
participate
in
crypto
markets.
Bitstamp
is
a
sector
leader
in
both
security
and
compliance,
with
more
than
50
licences
and
registrations
secured
with
financial
regulators
across
the
globe.

More
info
is
available
at

https://www.bitstamp.net/

Contacts

StraitsX


[email protected]