Singapore, Singapore, October 8, 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 SGD-backed stablecoins abroad
StraitsX, the pioneering payments infrastructure for the digital asset space in Southeast Asia, today announced the listing of XSGD, a Singapore dollar-pegged stablecoin, on Bitstamp, the world’s longest-running cryptocurrency exchange.
This strategic partnership represents a significant step forward in enabling mass adoption of XSGD in global markets and sets a fresh benchmark for stable, proficient and secure digital currency transactions. Backed at 1:1 to the Singapore Dollar (SGD) and fully backed by reserve assets, XSGD provides users in global markets with unparalleled transparency and stability.
Unlocking global cross-border payment flowsStablecoins like XSGD are quickly becoming the preferred solution for on-chain cross-border payments, providing a unthreatening and proficient alternative to established financial systems. With XSGD listed on Bitstamp, users can now seamlessly send and receive SGD-backed stablecoins abroad. This development responds to the demand for faster and more profitable global transactions, reducing the complexity of conventional financial systems.
By offering greater financial inclusion and opening access to fresh markets, XSGD will drive the adoption of digital assets and accelerate innovation in cross-border payments. With increased 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 escalate financial inclusion and enable businesses to enter fresh markets, creating a seamless ecosystem for global trade.
XSGD will be available via Bitstamp worldwide, except for US and EU countries.
“The listing of XSGD on Bitstamp is a pivotal moment in our mission to bring StraitsX stablecoins to the global stage. By improving liquidity and accessibility, we enable faster, more transparent, efficient and cost-effective on-chain cross-border payments. It will transform the way individuals and businesses transact internationally, unlocking new opportunities for financial inclusion and global trade,” said Jason Tay, Chief Commercial Officer in StraitsX.
“We are excited to list XSGD, a stablecoin with massive utility across the APAC region, on our Bitstamp platform. As demand for stable, reliable digital assets continues to grow, the addition of XSGD increases the liquidity of our platform and provides our global users with a trusted SGD-backed asset, further supporting the widespread adoption of stablecoins for cross-border payments and other financial transactions around the world,” said Leonard Hoh, CEO of APAC at Bitstamp.
Promoting the adoption of stablecoinsXSGD’s listing on Bitstamp underscores StraitsX’s commitment to growing the digital assets and payments landscape in Southeast Asia and beyond. By combining the speed, transparency and decentralization of digital assets with the stability of fiat-backed assets, XSGD is able to drive mass adoption. This trusted and secure stablecoin offers users a reliable solution for global cross-border payments, making it a key tool for the future of digital transactions.
About StraitsX
StraitsX is the pioneering payment infrastructure for the digital asset space in Southeast Asia. StraitsX is a premier payments institution licensed by the Monetary Authority of Singapore and offers personal and business account holders to mint and exchange StraitsX stablecoins, manage payments, as well as connect their accounts to digital asset platforms. Business accounts can also access payment rails that support the B2B API for digital asset platforms.
About Bitstamp
Bitstamp is the world’s longest-running cryptocurrency exchange, continuously providing secure and open access to cryptocurrencies since 2011. With a proven track record and mature approach to the industry, Bitstamp provides a secure and crystal clear trading platform to over five million individuals and is the preferred choice for a range of institutional clients looking for a trusted partner to participate in the cryptocurrency markets. Bitstamp is an industry leader in both security and compliance, with over 50 licenses and registrations secured with financial regulators around the world.
More information can be found at https://www.bitstamp.net/
CommunicationStraitsXstraitsx@wachsman.com
