Coinbase has announced a strategic partnership with StraitsX to introduce XSGD, the first Singapore dollar-backed stablecoin, to its users both in Singapore and globally. Recognised by the Monetary Authority of Singapore (MAS), XSGD is compliant with the upcoming Single Currency Stablecoin regulatory framework, marking a significant step in diversifying the stablecoin ecosystem beyond USD-based options.
XSGD allows users to convert Singapore dollars to XSGD on a one-to-one basis, facilitating instant local and cross-border payments. This stablecoin aims to mitigate foreign exchange volatility and promote financial inclusion by enabling transactions in local currency. The partnership will see XSGD available on Coinbase and Coinbase Advanced from 29 September, with plans to issue it on Base, Coinbase’s Ethereum Layer 2 chain, to enhance on-chain foreign exchange transactions.
Hassan Ahmed, Country Director of Coinbase Singapore, highlighted the transformative potential of stablecoins, stating, “With XSGD live on Coinbase Singapore, we’re one step closer to making local and cross-border payments instant and accessible to everyone with a phone and wallet.”
The collaboration also involves building liquidity pools for seamless stablecoin exchanges across different currency corridors. Tianwei Liu, CEO and Co-Founder of StraitsX, emphasised the partnership’s role in breaking USD-centric barriers, saying, “This partnership brings us closer to a truly multi-currency and frictionless global financial system.”
This initiative underscores Singapore’s leadership in regulated digital finance and represents Coinbase’s ongoing expansion in the Asia-Pacific region. Further details on the partnership’s products and services will be revealed in the coming months.
