Coinbase is partnering with StraitsX to deliver the world’s first SGD-backed stablecoin to customers on the platform. The token is acknowledged by the Financial Authority of Singapore as compliant with the upcoming stablecoin framework.
Abstract
- Coinbase will make XSGD, the world’s first SGD-backed stablecoin, obtainable to customers on the Base ecosystem.
- Customers will have the ability to instantly alternate Singaporean {dollars} with XSGD by means of the platform on a one-to-one ratio.
In accordance with a press launch despatched to crypto.information, XSGD will likely be obtainable to Coinbase and Coinbase Superior customers beginning September 29, 2025 at 19:00 UTC. As a part of the preliminary rollout, XSGD may also be issued on Ethereum Layer2 Chain Base.
The token has turn out to be the primary stablecoin backed by the SGD, which is acknowledged by monetary regulators as being compliant with the nation’s upcoming Single Foreign money Stablecoin regulatory framework.
As well as, the partnership between the crypto alternate and the stablecoin-native settlement layer will makes XSGD, the world’s first SGD-backed stablecoin created by StraitsX, accessible by means of decentralized exchanges on Base (BASE), increasing world monetary entry past current fashions.
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As a part of this rollout, the 2 companies will likely be launching joint liquidity swimming pools that may permit customers to alternate stablecoins throughout totally different currencies. One among them features a XSGD/USDC pool on Aerodrome (AERO), the principle liquidity hub on the Base community, with liquidity incentives supported by each Aerodrome and the Base ecosystem.
How will Coinbase customers entry XSGD?
Ranging from September 29, customers will have the ability to instantly convert Singaporean {dollars} into XSGD stablecoins on a one-to-one ratio by means of Coinbase and different decentralized exchanges on the Base ecosystem. Customers may also have the ability to alternate totally different currencies and property into XSGD by means of liquidity swimming pools.
XSGD will function a brand new fiat-based various to the dominating USD-based stablecoins already in the marketplace. The SGD-backed token will allow people and companies in Singapore to transact and handle digital property of their native forex. The collaboration additionally goals to mitigate forex threat and overseas alternate volatility.
Furthermore, accessing XSGD on Base will grant customers and builders the flexibility to unlock a wide range of use instances, together with utilization of the stablecoin to activate AI brokers, buy digital artwork, in addition to buying ‘real-world property’ comparable to collectible gadgets linked to NFTs, and powering on-chain transactions.
Nation Director of Coinbase Singapore, Hassan Ahmed, mentioned that the launch of XSGD on Coinbase is geared toward maximizing stablecoin adoption in an effort to change how cross-border funds are made. Thus, growing world financial freedom.
“With XSGD stay on Coinbase Singapore, we’re one step nearer to creating native and cross-border funds on the spot and accessible to everybody with a cellphone and pockets,” mentioned Ahmed in his assertion.
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