StraitsX Singapore Dollar (XSGD) is a Singapore Dollar stablecoin, a cryptocurrency designed to mirror the value of the Singapore Dollar (SGD).
It was created to function as a stable and reliable digital representation of the SGD.
XSGD is a stablecoin pegged 1:1 to the Singapore Dollar (SGD). It operates on multiple blockchains, including Ethereum, Polygon, Avalanche, Hedera, and Zilliqa, providing users with flexibility and accessibility across different platforms. Backed by actual Singapore Dollars held in a Singapore bank, XSGD offers a reliable and transparent way to transact with a digital representation of the Singapore currency.
Who’s behind XSGD?
XSGD was launched in 2020 by StraitsX, a Licensed Major Payment Institution by the Monetary Authority of Singapore.
StraitsX is the entity responsible for issuing and managing XSGD. StraitsX is subject to regulatory oversight, which provides an added layer of trust and security, ensuring that XSGD is fully backed and operates within a compliant framework.
Benefits of Using XSGD
XSGD offers benefits for individuals, businesses, and institutions alike who seek to navigate the intersection of traditional and digital finance. Transactions are:
- Fast and secure: XSGD leverages blockchain technology to enable quick and cheap transfers globally, at all times. Further, these transactions are secured by cryptographic algorithms, helping both security and immutability.
- Global: XSGD can be sent and received from anywhere in the world, making it an attractive option for cross-border payments, remittances, and international business transactions.
- Interoperable: XSGD is available on multiple blockchains, enabling it to be used for transfers and interactions for dapps across different platforms.
- Transparent and trustless: Anyone can verify XSGD's reserves and transaction history thanks to the blockchain. Additionally, regular audits by Quantstamp, a leading blockchain security firm, help enhance the trust and confidence in the stablecoin.
Use Cases for XSGD
XSGD's versatility and stability make it suitable for a wide range of use cases:
- Remittances: Individuals can send money across borders quickly and affordably, bypassing the high fees and delays often associated with traditional services.
- E-commerce and Payments: Businesses can accept XSGD as payment, offering customers a fast, secure, and borderless payment option.
- Treasury Management: Companies and institutions can hold XSGD as part of their treasury management strategy, enjoying the benefits of digital asset liquidity and stability.
- DeFi Participation: XSGD can be used to participate in various DeFi protocols, such as lending platforms and decentralized exchanges.
XSGD Essentials
- XSGD is a stablecoin pegged 1:1 to the Singapore Dollar, enabling fast, secure, and transparent transactions on multiple blockchains.
- It offers various benefits such as global reach, interoperability with DeFi protocols, and increased transparency due to blockchain technology and regular audits.
- Use cases for XSGD span from remittances and e-commerce to treasury management and DeFi participation, making it a versatile tool for individuals, businesses, and institutions.
How to buy XSGD?
You can buy the XSGD coin on Bitstamp. Sign up for a Bitstamp account and start trading XSGD today!
Disclosure: Bitstamp is licensed to engage in virtual currency business activity by the New York State Department of Financial Services.