May 21, 2025
By Our Correspondent
In response to the growing demand for regulated multi-chain stablecoins, StraitsX has introduced its Singapore dollar-pegged stablecoin, XSGD, on the XRP Ledger.
XSGD is accessible on several blockchain platforms and is entirely backed by reserves held with DBS Bank and Standard Chartered.
As part of a strategic alliance to improve cross-border payment options, XSGD has been added to the XRP Ledger.
To meet the increasing need for regulated multi-chain stablecoins that facilitate real-time cross-border payments, crypto infrastructure provider StraitsX launched its Singapore dollar-pegged stablecoin, XSGD, on the XRP Ledger (XRPL).
Financial institutions, fintech companies, and producers of digital assets can use XSGD to establish programmable financial flows, settle transactions on-chain, and carry out cross-border transactions.
In 2020, StraitsX, a significant payment company with a Singaporean Monetary Authority license, started issuing XSGD. The Singapore dollar-pegged stablecoin is completely backed 1:1 by reserves held at Standard Chartered and DBS Bank.
At the time of writing, there were 14.12 million XSGD in total supply, and there were more than 8 billion onchain transactions. The stablecoin can be found on Hedera, Zilliqa, Polygon, Ethereum, Arbitrum, and Avalanche.
“At StraitsX, we’ve always viewed stablecoins as essential infrastructure for the financial markets of the future, not just as digital versions of fiat. Liu Tianwei, co-founder and deputy CEO of StraitsX, told newspapers that the launch of XSGD on the XRP Ledger is a significant step toward that goal: an expansion of interoperability, programmability, and access across networks that were specifically designed for real-world value exchange.
In the upcoming years, when cross-border economic activity is predicted to grow, regulated stablecoins like XSGD are better positioned to experience growing adoption. For example, by 2030, cross-border e-commerce in Asia is predicted to reach $4 trillion, according to some projections. Meanwhile, a survey released last year by Infosys Finacle estimates that by 2027, global cross-border payments will reach $250 trillion.
When talking about the several ways fintechs use to move money, the report brought up Ripple. According to the research, the real-time fund settlement provided by Ripple “eliminates the need for pre-funding destination accounts and supports low-cost payments within seconds.”
According to the press release, XSGD’s launch on the XRP Ledger is the first of several planned rollouts described in the strategic collaboration.
StraitsX intends to launch a second phase in June that will concentrate on institutional applications, such as merchant settlements, programmable payouts, and smooth compliance integrations for a range of financial processes.”
According to Fiona Murray, general director of APAC at Ripple, “StraitsX’s introduction of XSGD on the XRP Ledger highlights that digital assets, including stablecoins, could play a crucial role in payments.”
Stablecoins like XSGD are becoming more and more popular as a means of supporting enterprise-grade use cases in the areas of payments, liquidity, and compliance-first infrastructure. In order to supply regulated assets that potentially transform cross-border payments and generate value for financial institutions, we have partnered with StraitsX to add XSGD to the XRP Ledger,” Murray continued.
