XSGD is a fiat-collateralized stablecoin pegged 1:1 to the Singapore Dollar (SGD). Issued by StraitsX, the digital asset-focused arm of the Southeast Asian financial services group Fazz, it is recognized as Singapore's first stablecoin. The token is designed to serve as a bridge between traditional finance and the digital asset economy by providing a regulated, transparent, and interoperable digital version of the Singapore Dollar. ^{[1] [2]}

Overview

Launched in 2020, XSGD aims to facilitate real-time cross-border payments, on-chain transaction settlements, and programmable financial applications. The stablecoin is issued by StraitsX SGD Issuance Pte. Ltd., which operates as a Major Payment Institution (MPI) licensed by the Monetary Authority of Singapore (MAS). This regulatory oversight ensures that XSGD adheres to Singapore’s frameworks for e-money and digital payment tokens. ^{[1] [2]}​

The primary vision for XSGD is to simplify the exchange and settlement of payments within the ASEAN region, offering a local-currency stablecoin as an alternative to USD-denominated stablecoins. This is intended to mitigate foreign exchange risks for users and businesses in Southeast Asia. Each XSGD in circulation is fully backed by an equivalent amount of Singapore dollars held in segregated custody accounts with licensed financial institutions in Singapore. To ensure transparency, StraitsX provides monthly attestation reports prepared by an independent auditing firm. ^{[3] [2]}​

XSGD is built to be blockchain-agnostic, operating on multiple public blockchains to promote interoperability and accessibility across different digital ecosystems. It serves as a stable store of value, a unit of account, and a medium of exchange for individuals, businesses, and financial institutions engaging with decentralized finance (DeFi) and other digital asset applications. [[coinmarketcap.com/currencies/xsgd/][CoinMarketCap XSGD overview]]

History and Development

The development of XSGD is rooted in the history of its parent company, Xfers, which was founded in 2014 to build payment gateways in Southeast Asia. Xfers launched XSGD in October 2020 on the Ethereum and Zilliqa blockchains. ^{[2] [4]} In 2021, Xfers rebranded its digital asset services, including its stablecoin platform, to StraitsX to better focus on its role in the digital asset space. ^[4]​

Since its launch, StraitsX has expanded the availability of XSGD to numerous blockchain networks to increase its utility. An early integration occurred in October 2021, when StraitsX announced that XSGD would be supported on ZilSwap's non-fungible token (NFT) marketplace, ARK. ^[5] In May 2023, XSGD became natively available on the Hedera network, which was chosen for its high throughput and low transaction fees. ^[5]​

In May 2025, StraitsX announced a strategic partnership with Ripple with the launch of XSGD on the XRP Ledger (XRPL). The integration was intended to enhance cross-border payment solutions, leveraging XRPL's efficiency for real-world value exchange. A second phase of the XRPL integration was planned for June 2025, focusing on institutional applications like programmable payouts and merchant settlements. ^[1]​

Shortly after, in June 2025, StraitsX integrated both XSGD and its U.S. Dollar-pegged stablecoin, XUSD, onto the PlatON Network. This partnership aimed to upgrade XSGD from a transfer tool to a core component of "clearing and settlement infrastructure" on PlatON's privacy-preserving network. ^[6] As of June 2025, StraitsX had processed over U.S. $10 billion in on-chain stablecoin transactions across its supported networks. ^[6]​

Technology and Mechanism

The technical framework of XSGD is designed around stability, transparency, and interoperability.

Peg Stability and Collateralization

XSGD maintains its 1:1 peg to the Singapore Dollar through a full-collateralization model. For every XSGD token in circulation, a corresponding Singapore Dollar is held in reserve. These reserves provide a legal claim for the holder to redeem one XSGD for one SGD from the issuer. [[cdn.prod.website-files.com/6119d1f2b05f8e85e873971a/6836b014a7daec0f92f1e984_StraitsX%20XSGD%20Whitepaper%20-%20V1.0.docx.pdf][StraitsX XSGD Whitepaper on peg mechanism]]

The reserve assets consist of cash, cash equivalents, and short-term bonds or notes issued by the Singapore government or its public entities. An internal governance body oversees the reserve management to ensure its mark-to-market value is maintained at a minimum of 100% of the outstanding XSGD supply. The fiat reserves are held in segregated custody accounts with recognized banking partners, including DBS Bank and Standard Chartered, and are legally separated from the company's operational funds. ^{[2] [1]}​

Audits and Transparency

​StraitsX conducts daily internal reconciliations of its reserves against the circulating supply of XSGD. To ensure public transparency, the company engages an independent, ISCA-listed auditing firm to perform audits of the reserve assets twice a month and publishes monthly attestation reports on its official website. The smart contracts for XSGD have been audited by the blockchain security firm Quantstamp. ^{[2] [3]}​

Minting and Redemption

The supply of XSGD is elastic, managed through a direct minting and redemption process on the StraitsX platform.

• Minting: Verified users can purchase or mint new XSGD by transferring Singapore Dollars to a designated StraitsX account. Once the funds are received, StraitsX mints an equivalent amount of XSGD and transfers it to the user's blockchain wallet.
• Redemption: Users can redeem XSGD for fiat currency by sending the tokens back to their StraitsX platform account. StraitsX then burns the redeemed tokens and processes a bank transfer of the equivalent SGD amount to the user's verified bank account.

This process is available to both individuals and businesses, with businesses able to integrate the functionality via StraitsX APIs. ^[3] [[coinmarketcap.com/currencies/xsgd/][CoinMarketCap on XSGD minting and redemption]]

Multi-Chain Architecture

XSGD is a multi-chain asset, with its smart contracts deployed on several major blockchain networks. The core contracts follow the ERC-20 token standard for broad compatibility across Ethereum-based ecosystems. The smart contract code for its Ethereum, Polygon, and Zilliqa versions is open-sourced under an MIT License and is publicly available on GitHub. ^{[2] [7]}​

XSGD is available on the following blockchain networks:

​Blockchain Network	Standard	Contract Address / Identifier
Ethereum	ERC-20	0x70e8de73ce538da2beed35d14187f6959a8eca96
Polygon	ERC-20	0xdc3326e71d45186f113a2f448984ca0e8d201995
Avalanche	ARC-20	0xb2f85b7ab3c2b6f62df06de6ae7d09c010a5096e
Arbitrum One	ERC-20	0xe333e7754a2dc1e020a162ecab019254b9dab653
Base	ERC-20	0x0a4c9cb2778ab3302996a34befcf9a8bc288c33b
Zilliqa	ZRC-2	zil1zu72vac254htqpg3mtywdcfm84l3dfd9qzww8t
Hedera	-	0.0.1985922 (Token ID)
XRP Ledger	-	rK67JczCpaYXVtfw3qJVmqwpSfa1bYTptw
PlatON Network	-	Not specified

The information in this table is sourced from official project documentation and data aggregators. ^{[3] [4]}​

Ecosystem and Use Cases

XSGD is designed to support a variety of functions within both the traditional and digital financial sectors.

Use Cases

• Digital Asset Settlement: The primary use case is settling trades on digital asset exchanges. It offers an SGD-denominated stable asset, which helps traders in the ASEAN region avoid forex risk associated with USD-based stablecoins. ^[2]
• Cross-Border Payments and Remittances: XSGD and its multi-chain presence enable near-instant, low-cost global transfers available 24/7, bypassing the operating hours and fees of traditional banking systems. [[coinmarketcap.com/currencies/xsgd/][CoinMarketCap on XSGD use cases]]
• Decentralized Finance (DeFi): The stablecoin is used within DeFi protocols for providing liquidity, yield farming, collateral for borrowing, and swapping for other digital assets. [[coinmarketcap.com/currencies/xsgd/][CoinMarketCap report on XSGD DeFi usage]]
• Payments and Micropayments: With support for up to six decimal places, XSGD can facilitate micropayments, addressing interoperability limitations of traditional digital wallets. ^[2]

StraitsX Platform and Services

The issuer, StraitsX, provides a suite of services that integrate its stablecoins for business and institutional clients. These include an open network for value movement ("StraitsX ON"), services to accept and send payments in fiat and stablecoins, stablecoin-funded debit card issuance, and QR payment integrations. For individuals and traders, the StraitsX Wallet enables direct purchase and sale of XSGD, swapping between supported stablecoins, and an Over-the-Counter (OTC) desk for large-volume trades. ^[8]​

Exchange Availability

XSGD is available for trading on a number of centralized and decentralized exchanges. Key aavailable markets include:

• Centralized Exchanges (CEXs): Coinbase Exchange, Bitstamp.
• Decentralized Exchanges (DEXs): Uniswap (on Ethereum and Polygon), Aerodrome SlipStream (on Base), Pharaoh Exchange (on Avalanche).

This information is based on data from aggregators and the official project website. ^{[4] [9]}​

Regulation and Governance

​StraitsX places a strong emphasis on regulatory compliance and collaboration with authorities.

Regulatory Status

The issuer, StraitsX SGD Issuance Pte. Ltd., holds an in-principle approval from the MAS for a Major Payment Institution (MPI) license covering "digital payment token service." Its affiliated entity, Xfers Pte. Ltd., holds a full MPI license for e-money issuance services. StraitsX has also been acknowledged by the MAS as being compliant with Singapore's stablecoin regulatory framework, which was expected to be finalized after its proposal stage. The platform includes in-built customer screening and transaction monitoring systems a to adhere to regulatory standards. ^{[2] [8]}​

Government Collaboration

​StraitsX has worked closely with Singaporean government bodies, most notably the Monetary Authority of Singapore. The company participated in the MAS-led Project Orchid, a collaborative initiative to explore the technical infrastructure and potential use cases for a purpose-bound digital Singapore dollar. ^[2]​

Compliance Measures

Under its terms of service, StraitsX reserves the right to freeze, repossess, or redistribute XSGD from addresses associated with illicit activities, such as fraud, money laundering, or terrorist financing, but states this would only be done upon receiving a directive from a regulatory body or law enforcement agency. The use of XSGD for prohibited activities, including gambling and interactions with sanctioned entities, is forbidden. [[https://cdn.prod.website-files.com/6119d1f2b05f8e85e873971a/6836b014a7daec0f92f1e984\\\_StraitsX%20XSGD%20Whitepaper%20on compliance measures]]

Key People and Investors

​StraitsX was co-founded by Tianwei Liu and Kenny Chan as part of Xfers. Other key figures noted in the development and promotion of XSGD include Aymeric Salley and Ishan Singh. [[coinmarketcap.com/currencies/xsgd/][CoinMarketCap list of key people]] ^[1]​

The StraitsX Group is backed by a number of global venture capital firms and strategic investors, including:

• Tiger Global Management LLC
• Insignia Ventures Partners
• B Capital Group
• DST Global
• BRI Ventures
• Y-Combinator
• Mitsubishi UFJ Financial Group (MUFG)
• Golden Gate Ventures

The company has also partnered with industry leaders like Grab, Ant International, Amazon, and VISA in building payment solutions. [[https://cdn.prod.website-files.com/6119d1f2b05f8e85e873971a/6836b014a7daec0f92f1e984\\\_StraitsX%20XSGD%20Whitepaper%20investors and partners]]

Notable Quotes

In a statement regarding the launch of XSGD on the XRP Ledger, Liu Tianwei, Co-founder and Deputy CEO of StraitsX, remarked:

"At StraitsX, we’ve always approached stablecoins not just as digital representations of fiat, but as critical infrastructure for the future of financial markets. Launching XSGD on the XRP Ledger is a meaningful step toward that vision – an expansion of interoperability, programmability, and access across networks that were purpose-built for real-world value exchange." ^[1]

Fiona Murray, Managing Director of APAC at Ripple, commented on the collaboration:

"StraitsX's launch of XSGD on the XRP Ledger underscores that digital assets, including stablecoins, could play a pivotal role in payments... Our collaboration with StraitsX to bring XSGD to the XRP Ledger supports our commitment to delivering regulated assets that can reshape cross-border payments and unlock value for financial institutions." ^[1]