StraitsX Launches XSGD Stablecoin
Digital payment solutions provider StraitsX has announced the launch of its XSGD stablecoin, pegged to the Singapore dollar (SGD), on the decentralized XRP Ledger network.
The collaboration is part of a partnership with Ripple and aims to expand the use of regulated digital currencies in international trade. XSGD is a tokenized stablecoin fully backed 1:1 by Singapore dollars (SGD), with reserves held by two of the region’s largest banks, Standard Chartered and DBS Bank.
The stablecoin has been issued under the license of the Monetary Authority of Singapore (MAS) since 2020 and is already available on six networks: Ethereum, Polygon, Arbitrum, Avalanche, Zilliqa, Hedera. Now it has been added to the XRP Ledger, which will open a new phase of its application in the context of decentralized infrastructure.
The second phase of XSGD is scheduled to take place in Q2 2025, making the token available to large legal entities, international settlements, payouts, and business-scale trading. According to Ripple, demand for stablecoins supported by multiple blockchains has grown dramatically. The company predicts that cross-border trade in Asia will reach $4 trillion by 2030, and digital stablecoins like XSGD will be the foundation for streamlining these transactions.
