Buy XSGD

What is XSGD?

XSGD is a stablecoin pegged 1:1 to the Singapore Dollar (SGD). It is designed to mirror the value of the SGD and provide a stable and reliable digital representation of the currency. The XSGD stablecoin is issued by StraitsX, a Licensed Major Payment Institution by the Monetary Authority of Singapore. It operates on multiple blockchain networks, including Ethereum, Polygon, Avalanche, Hedera, and Zilliqa, to enhance speed, scalability, and cost-effectiveness.

How does XSGD work?

XSGD operates on several blockchain platforms as a tokenized Singapore Dollar, utilising smart contracts specific to each blockchain. It is implemented through a token contract system, with minting and burning features to manage supply, ensuring that each XSGD token is backed by an equivalent Singapore Dollar held securely in a bank. The stablecoin's functioning includes interoperability across multiple blockchains and compliance with the regulatory standards, such as the Singapore Payment Services Act. The token's existence on platforms like Ethereum and Zilliqa allows it to leverage various consensus mechanisms, such as Proof of Stake and hybrid models for secure transactions.

What are the potential use cases for XSGD?

XSGD has several potential use cases, including:

1. Cross-Border Transactions: It enables efficient and cost-effective international payments by removing traditional transaction fees.

2. DeFi Participation: XSGD can be employed within decentralized finance protocols and applications for trading and liquidity provision.

3. Digital Payments: It serves as a stable payment method in various digital transactions and can be used in consumer and business-to-business payments.

4. Treasury Management: Companies can utilise XSGD for digital asset liquidity and stability.

5. B2B Settlements: Through partnerships with Mastercard, businesses can facilitate seamless settlements and reduce operational friction.

6. Sustainability Initiatives: It helps enable purchases like tokenized carbon credits through partnerships with platforms such as Carbonseed.Earth.

What is the history of XSGD?

XSGD was launched in October 2020 by StraitsX, operating under the Monetary Authority of Singapore's regulatory framework. Since its inception, XSGD has expanded its availability from the Ethereum blockchain to other platforms like Zilliqa and Hedera, broadening its accessibility and interoperability. Significant milestones include the integration with the Hedera network and a partnership with Mastercard for B2B settlements. The stablecoin has consistently complied with regulatory norms and published attested reserve reports to ensure transparency. Over time, XSGD has become one of the most prominent non-USD denominated stablecoins globally, further solidified by listings on major exchanges like Bitstamp.