StraitsX believes that with its transparency and stability, XSGD can compete with major players such as USDT and USDC, offering users more reliable options for cross-border payments.
StraitsX, a major payment institution licensed by the Monetary Authority of Singapore (MAS), has announced the listing of the country’s first stablecoin on Bitstamp to increase its liquidity and attractiveness for global payments. The stablecoin XSGD [NC] is backed 1:1 to the value of the Singapore dollar (SGD) and is supported by national reserve assets to always maintain stability in the face of market turmoil.
StraitsX Partners Bitstamp
The digital asset was initially introduced into the crypto market in 2020 and is currently available on several blockchain networks, including Ethereum, Polygon, and Zilliqa blockchains. The stablecoin also recently became available on Hedera, a decentralized proof-of-stake (POS) protocol powered by the hashgraph consensus mechanism.
Despite its support from multiple blockchain platforms, XSGD has struggled to gain traction in the international market, particularly against dominant competitors like USDT and USDC, which hold significant market shares.
To address this, StraitsX has partnered with Bitstamp to expand XSGD’s accessibility to users throughout Asia and beyond. This move is designed to position the stablecoin favorably for global adoption.
Reduced Transaction Costs
According to the firm, XSGD has what it takes to compete with established players like USDT and USDC due to its “unparalleled transparency and stability for users in global markets”. The firm is confident that these qualities will attract users looking for a reliable stablecoin alternative.
Bitstamp users will enjoy a series of benefits, including reduced transaction costs, faster settlement times, and access to competitive exchange rates for cross-border payments.
“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,” said Jason Tay, Head of Commercial at StraitsX.
Unlocking New Opportunities
Tay believes this development will transform how individuals and businesses conduct international transactions, opening new avenues for financial inclusion and global trade.
However, it is important to note that users in certain jurisdictions, including the United States and European countries, will not have access to XSGD on Bitstamp due to regulatory restrictions.
The trading of the digital asset is only restricted to those in the Asian Pacific Region (APAC), where the exchange has a registered office specifically curated for users in the region.
Meanwhile, the listing of Singapore’s first stablecoin on Bitstamp comes at a time when interest in the sector has increased. Many financial services companies, including banks, are exploring the possibility of rolling out their own stablecoins for cross-border transfers.
Last week, Coinspeaker reported that Banco Bilbao Vizcaya Argentaria (BBVA), Spain’s second-largest bank, plans to enter the stablecoin market with its own native token.
Other companies, such as Ripple and BitGo, are also advancing their stablecoin initiatives, with Ripple currently in the testing phase of its digital asset.
next