XSGD Stablecoin Launches on Bitstamp for Global Payments

[PRESS RELEASE – Singapore, Singapore, October 8th, 2024]

• For the first time, Bitstamp has introduced a Singapore Dollar-pegged stablecoin, XSGD.
• This collaboration between StraitsX and Bitstamp allows users to confidently send and receive the SGD-backed stablecoin across borders effortlessly.

StraitsX, an innovative payment infrastructure for the digital asset sector in Southeast Asia, has announced the introduction of XSGD, its Singapore dollar-pegged stablecoin, on Bitstamp, the longest-running cryptocurrency exchange worldwide.

This strategic alliance represents a major advancement in promoting the widespread adoption of XSGD in international markets and establishes a new standard for secure, efficient, and stable digital currency transactions. XSGD, which is fully backed 1:1 by the Singapore dollar (SGD) and reserve assets, offers exceptional transparency and stability for users globally.

Facilitating Global Cross-Border Payment Transactions

Stablecoins like XSGD are quickly becoming the preferred option for on-chain cross-border payments, delivering a secure and efficient replacement for traditional financial systems. With the addition of XSGD to Bitstamp, users can now send and receive SGD-backed stablecoins across borders with ease. This change meets the demand for quicker, more affordable global transactions and simplifies the challenges posed by traditional financial frameworks.

By enhancing financial inclusion and providing access to new markets, XSGD will promote the adoption of digital assets and spur innovation in cross-border payments. XSGD users on a leading global platform like Bitstamp can benefit from lower transaction costs, faster settlement times, and competitive exchange rates, thereby fostering greater financial inclusion and allowing businesses to explore new markets, ultimately creating a seamless environment for international commerce.

XSGD will be available globally on Bitstamp, with the exception of US and EU countries.

“The listing of XSGD on Bitstamp marks a crucial milestone in our mission to elevate StraitsX’s stablecoins to a global audience. By enhancing liquidity and access, we are promoting quicker, more transparent, efficient, and cost-effective on-chain cross-border payment processes. This will revolutionize the way individuals and businesses conduct international transactions, uncovering new possibilities for financial inclusion and global commerce,” Jason Tay, Head of Commercial at StraitsX, stated.

“We are thrilled to include XSGD, a stablecoin with substantial utility across the APAC region, on our Bitstamp platform. As the demand for stable and reliable digital assets continues to increase, the inclusion of XSGD enhances our platform’s liquidity and provides our international users with a reliable SGD-backed asset. This supports the broad adoption of stablecoins for cross-border payments and other financial transactions worldwide,” commented Leonard Hoh, General Manager for APAC at Bitstamp.

Promoting the Adoption of Stablecoins

The addition of XSGD on Bitstamp underscores StraitsX’s dedication to enhancing the digital assets and payment landscape across Southeast Asia and beyond. By merging the speed, transparency, and decentralization of digital assets with the stability of a fiat-backed currency, XSGD is well-positioned to drive widespread adoption. This secure and trusted stablecoin provides users with a dependable option for global cross-border payments, making it an essential tool for the future of digital transactions.

About StraitsX

StraitsX is a pioneering payment infrastructure in Southeast Asia for the digital asset sector. It is a Major Payment Institution licensed by the Monetary Authority of Singapore, allowing personal and business account holders to mint and redeem StraitsX stablecoins, manage payments, and connect their accounts with digital asset platforms. Furthermore, business accounts can utilize B2B API-enabled payment rails for digital asset platforms.

About Bitstamp

Bitstamp is the longest-standing cryptocurrency exchange globally, providing secure and accessible crypto services since 2011. With a solid history and a mature approach to the industry, Bitstamp offers a secure and transparent trading environment to over five million users and is the preferred choice for numerous institutional clients seeking a reliable partner in crypto markets. Bitstamp leads the sector in both security and compliance, holding more than 50 licenses and registrations with financial regulators worldwide.

For more information, visit https://www.bitstamp.net/