StraitsX Singapore Dollar
Denominations
CodeXSGD
Development
Initial release05 October 2020
Ledger
Circulating supplyXSGD 33,098,661 (November 2023)
Website
Websitestraitsx.com

StraitsX Singapore Dollar (XSGD) is a digital stablecoin pegged to the Singapore dollar.[1] XSGD is issued by StraitsX, and StraitsX is a trademark of Xfers Pte Ltd,[2][3][4][5] a Major Payment Institution (MPI) licensed by the Monetary Authority of Singapore (MAS) for e-money issuance. XSGD is also the world's first Travel Rule compliant stablecoin, which means it follows the guidelines of the Financial Action Task Force (FATF) and the MAS Payment Services Act.[2][6][5]

Usage

XSGD runs on multiple blockchains, such as Ethereum, Hedera, Polygon, and Zilliqa.[2]

Reserves

Each XSGD is backed by a Singapore Dollar held in both cash and both MAS Bills.[2][7][8]

XSGD reserves are regularly attested and the monthly attestations can be found on the StraitsX website.[2]

See also

References

  1. ↑ "S'pore stablecoin XSGD could see more adoption with improving tech, demand". The Straits Times. 30 May 2022. Retrieved 30 May 2022.
  2. 1 2 3 4 5 "StraitsX Singapore Dollar (XSGD)". StraitsX.
  3. ↑ "Timely redemption, minimum reserves and capital among new Singapore stablecoin regulations". The Straits Times. 15 August 2023. Retrieved 15 August 2023.
  4. ↑ "MAS to conduct trials for digital Singdollar that support government payouts, vouchers". The Business Times. Retrieved 31 October 2022.
  5. 1 2 ""Shaping the Financial Ecosystem of the Future" - Speech by Mr Ravi Menon, Managing Director, Monetary Authority of Singapore, at the Singapore FinTech Festival 2023 on 16 November 2023". Monetary Authority of Singapore. Retrieved 16 November 2023.
  6. ↑ "Introducing XSGD — the Singapore Dollar-backed and Travel Rule¹ compliant stablecoin". StraitsX. Retrieved 5 October 2020.
  7. ↑ "Digital assets, payments firms toy with stablecoin plans after release of new Singapore framework". The Straits Times. 16 August 2023. Retrieved 17 August 2023.
  8. ↑ "Privately issued crypto has failed as medium of exchange, store of value, says MAS chief". The Straits Times. 16 November 2023. Retrieved 16 November 2023.
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