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
straitsx@wachsman.com