StraitsX Partners with Bitstamp

StraitsX, a significant payment institution licensed by the Monetary Authority of Singapore (MAS), has taken a substantial step by listing the country's first stablecoin on Bitstamp.

This move is strategically designed to increase its liquidity and attractiveness for global payments. The stablecoin, XSGD, is pegged 1:1 to the Singapore dollar (SGD) value and is supported by national reserve assets, ensuring stability even during market fluctuations.

Introduced into the crypto market in 2020, XSGD is available on several blockchain networks, including Ethereum, Polygon, and Zilliqa.

Recently, it also became accessible on Hedera, a decentralized proof-of-stake (POS) protocol powered by the hashgraph consensus mechanism. Despite these advancements, XSGD has faced challenges in gaining international prominence, especially against giants like USDT and USDC.

Reduced Transaction Costs

StraitsX has partnered with Bitstamp to combat these challenges and expand XSGD's reach to users across Asia and beyond. This collaboration aims to position the stablecoin favorably for global adoption.

The firm emphasizes XSGD's "unparalleled transparency and stability," which it believes will attract users seeking a reliable stablecoin alternative.

Bitstamp users will enjoy significant benefits, including reduced transaction costs, faster settlement times, and competitive exchange rates for cross-border payments.

"The listing of XSGD on Bitstamp is a pivotal moment in our mission to bring StraitsX's stablecoins to the global stage," said Jason Tay, Head of Commercial at StraitsX.

Unlocking New Opportunities

This development is expected to transform international transactions, opening new avenues for financial inclusion and global trade.

However, due to regulatory restrictions, certain jurisdictions, including the United States and European countries, will not have access to XSGD on Bitstamp.

XSGD trading is currently restricted to the Asian Pacific Region (APAC), where Bitstamp has a registered office tailored for regional users.

Growing Interest in Stablecoins

The listing of Singapore's first stablecoin on Bitstamp coincides with growing interest in the sector. Many financial services companies, including banks, are exploring launching their stablecoins for cross-border transfers.

Recently, Banco Bilbao Vizcaya Argentaria (BBVA), Spain's second-largest bank, announced plans to enter the stablecoin market with its native token.

Other firms like Ripple and BitGo are also advancing their stablecoin initiatives. Ripple is currently in the testing phase of its digital asset.