Singapore, Singapore, October 8, 2024, Chainwire
- Bitstamp has listed a Singapore dollar-pegged stablecoin, XSGD, for the first time.
- The partnership between StraitsX and Bitstamp means users can now seamlessly send and receive the SGD-backed stablecoin across borders with confidence.
StraitsX, the pioneering payments infrastructure for the digital assets space in Southeast Asia, today announced the listing of XSGD, its Singapore dollar-pegged stablecoin, on Bitstamp, the leading crypto exchange. oldest currency in the world.
This strategic partnership marks a significant advancement in the mass adoption of XSGD in global markets and sets a new benchmark for stable, efficient and secure digital currency transactions. XSGD, backed at a 1:1 ratio to the Singapore Dollar (SGD) and fully backed by reserve assets, provides unparalleled transparency and stability to users of global markets.
Unlocking global cross-border payment flows
Stablecoins like XSGD are quickly emerging as the preferred solution for cross-border on-chain payments, providing a secure and efficient alternative to traditional financial systems. With XSGD listed on Bitstamp, users can now seamlessly send and receive SGD-backed stablecoins across borders with confidence. This development responds to the demand for faster and more cost-effective global transactions, thereby reducing the complexity of conventional financial systems.
By providing greater financial inclusion and opening access to new markets, XSGD will drive the adoption of digital assets and accelerate innovation in cross-border payments. With enhanced liquidity on a global platform like Bitstamp, XSGD users can benefit from lower transaction costs, faster settlement times, and access to competitive exchange rates for cross-border payments. This will drive greater financial inclusion and enable businesses to tap into new markets, creating a seamless ecosystem for global trade.
XSGD will be available through Bitstamp worldwide, except in the US and EU countries.
“The listing of XSGD on Bitstamp is a pivotal moment in our mission to bring StraitsX stablecoins to the global stage. By improving liquidity and accessibility, we enable faster, more transparent, efficient and cost-effective cross-border on-chain payment flows. This will transform the way individuals and businesses transact internationally, paving the way for new opportunities in financial inclusion and global trade,” said Jason Tay, Head of Trading at StraitsX.
“We are excited to list XSGD, a stablecoin with immense utility in the APAC region, on our Bitstamp platform. As the demand for stable and trusted digital assets continues to grow, the addition of XSGD improves the liquidity of our platform 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,” said Leonard Hoh, Managing Director for APAC at Bitstamp.
Driving the adoption of stablecoins
The listing of XSGD on Bitstamp highlights StraitsX’s commitment to advancing the digital assets and payments landscape in Southeast Asia and beyond. By combining the speed, transparency, and decentralization of digital assets with the stability of a fiat-backed asset, XSGD is well-positioned to drive mass adoption. This reliable and secure stablecoin provides users with a reliable solution for global cross-border payments, making it an essential tool for the future of digital transactions.
About StraitsX
StraitsX is the pioneering payment infrastructure for the digital assets sector in Southeast Asia. StraitsX is a major payment institution licensed by the Monetary Authority of Singapore and offers personal and business account holders to create and trade StraitsX stablecoins, manage payments and connect their accounts to digital asset platforms . Business accounts can also access B2B API-enabled payment rails for digital asset platforms.
About Bitstamp
Bitstamp is the world’s oldest cryptocurrency exchange, continuously providing safe and open access to crypto since 2011. With a proven track record and mature approach to the industry, Bitstamp provides a platform for secure and transparent trading to over five million people and is the preferred choice for a range of institutional clients looking for a trusted partner to participate in the crypto markets. Bitstamp is an industry leader in security and compliance, with over 50 secure licenses and registrations with financial regulators around the world.
More information is available at
Contacts
DetroitX
straitsx@wachsman.com
Post Views: 197
