StraitsX Announces the Launch of Its Singapore Dollar-Pegged Stablecoin, XSGD, on Bitstamp

Marking a major milestone for the crypto ecosystem, the development aims to address the demand for faster, more cost-effective global transactions

Singapore dollar-pegged stablecoin XSGD has gone live on Bitstamp, the world’s oldest cryptocurrency exchange.

The token launch follows a recent collaboration between StraitsX and Bitstamp to facilitate global cross-border payments.

As part of the collaboration, XSGD has been listed on Bitstamp, enabling users to send and receive the stablecoin across borders.

However, the stablecoin will be available globally, except in US and EU countries, according to the announcement.

The move highlights StraitsX’s commitment to advancing the digital assets and payments landscape across Southeast Asia and beyond.

By leveraging Bitstamp’s prominence in the global cryptocurrency space, the development will set a new benchmark for stable, efficient, and secure digital currency transactions.

Moreover, users will enjoy unmatched transparency and stability in the global market as XSGD is fully backed by reserve assets.

Commenting on the development, Head of Commercial at StraitsX Jason Tay said:

“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.”

Meanwhile, Leonard Hoh, General Manager for APAC at Bitstamp, expressed delight at the listing of the token on Bitstamp, saying:

“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.”

Bitstamp’s status in the global crypto space allows it to offer enhanced liquidity to XSGD users.

Thus, users can enjoy reduced transaction costs, faster settlement times, and access to competitive exchange rates for cross-border payments.