Jofie Yordan · · 1 min readStraitsX gets green light to issue SGD, USD stablecoins in Singapore
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StraitsX, a digital assets platform, has secured in-principle approval for its major payment institution license from the Monetary Authority of Singapore (MAS), allowing the company to offer digital payment token services in the country.
This includes issuing stablecoins – such as the Singapore dollar-denominated XSGD and the US dollar-denominated XUSD – in compliance with MAS’ upcoming stablecoin regulatory framework.
While XSGD is currently available for minting and redemption on its platform, the company plans to release XUSD at a later date, it said in a statement.
StraitsX emphasized its commitment to following MAS’ requirements for issuing its stablecoins, making sure the coins will stay pegged 1:1 to their respective currencies, and ensuring that holders will always have the right to redeem them.
According to the company, over 7.7 billion XSGD has been transacted on-chain since October 2020. StraitsX said single currency-backed stablecoins serve as “a credible and reliable medium” for domestic and cross-border payments.
StraitsX is part of the Singapore-based fintech firm Xfers. In 2021, the former also launched StraitsX Indonesian Rupiah (XIDR), a rupiah-linked stablecoin.
Editing by Miguel Cordon and Dhania Putri Sarahtika
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