Coinbase, StraitsX Launch First Singapore Dollar Stablecoin

StraitsX Launches First Singapore Dollar Stablecoin on Coinbase

In a groundbreaking development, Coinbase has partnered with StraitsX to launch the first Singapore Dollar stablecoin, XSGD. The asset, fully backed 1:1 by reserves held with DBS Bank and Standard Chartered, will be available to users of Coinbase and Coinbase Advanced. Facilitating real-time payments, both locally and internationally, at reduced costs and increased accessibility, the stable token is set to revolutionize financial services.

Coinbase StraitsX Partnership

Latest reports reveal that Coinbase and StraitsX have joined hands to launch the first Singapore Dollar stablecoin, XSGD. The coin will be available for the exchange users from September 29 at 19:00 UTC. StraitsX CEO Liu Tianwei stated,

“The launch of XSGD on Coinbase is a big step forward, not just for Singapore, but for the entire digital asset ecosystem. By enabling seamless, direct access to local currency stablecoins, we are breaking down the USD-centric barriers that have long limited on-chain FX markets. This partnership brings us closer to a truly multi-currency and frictionless global financial system that we’ve been building toward since day one."

Additionally, Base, the Ethereum Layer 2 network, will integrate XSGD, enabling smooth on-chain forex transactions. With the crypto's integration on Base, users will gain access to decentralized exchanges, enabling AI agents to facilitate permissionless, 24/7 on-chain forex transactions. The main feature of this rollout is the XSGD/USDC liquidity pool on Aerodrome, Base's central liquidity hub, which will provide liquidity incentives backed by the Base ecosystem and Aerodrome.

Adherence to Regulations

Since 2020, StraitsX has issued its stablecoin. Its adherence to the upcoming Single Currency Stablecoin regulatory framework has been recognized by the MAS. Notably, StraitsX was granted multiple Major Payment Institution (MPI) licenses by MAS in 2024, further solidifying its position.

Notably, stablecoins are becoming popular and widely accepted, especially following US President Trump’s support and the launch of regulatory bills like the GENIUS Act. Acknowledging the rising significance of stable tokens, Hassan Ahmed, Country Director, noted,

Stablecoins are redefining how payments move across borders…We’re one step closer to making local and cross-border payments instant and accessible to everyone with a phone and wallet. Enabling easy, quick FX transactions brings more of our users across the globe closer and gives them greater access to the global financial system - supporting our mission of increasing economic freedom.

Singapore is one of the global powers with comprehensive crypto regulations intended to foster the cryptocurrency space, along with tackling crimes. The country’s fintech landscape continues to thrive as regulated local-denominated stablecoins expand, solidifying the city-state's position as a global benchmark for innovation and compliance in finance.