Coinbase users can now access XSGD, thanks to the US crypto exchange’s partnership with StraitsX. XSGD is the SGD stablecoin acknowledged by the Monetary Authority of Singapore (MAS) to be substantively compliant with the upcoming Single Currency Stablecoin (SCS) regulatory framework.
The partnership allows for easier local and cross-border payments for both individuals and businesses. Users can now convert one Singapore dollar to one XSGD, enabling them to transact and manage digital assets in their local currency. This move aims to reduce currency risk and foreign exchange volatility while promoting financial inclusion and strengthening local economic activity.
“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," says Tianwei Liu, CEO and co-founder of StraitsX.
StraitsX and Coinbase will jointly build liquidity pools to facilitate seamless stablecoin exchanges across different currency corridors. XSGD will start trading on Coinbase and Coinbase Advanced from Sept 29 at 7 pm UTC (Sept 30 at 3am Singapore time), and will also be issued on Base, the low-cost Ethereum Layer 2 incubated by Coinbase.
A key part of the rollout is the launch of an XSGD/USDC pool on Aerodrome, a central liquidity hub on the Base network. Both Aerodrome and the Base ecosystem will support liquidity incentives to encourage adoption.
According to a joint statement, XSGD on Base will unlock a series of use cases for Base users and builders in their local currency. This includes enabling AI agents to interact seamlessly on the blockchain, purchasing digital art, and acquiring ‘real-world assets’ such as collectible items linked to non-fungible tokens (NFTs), and powering on-chain FX transactions that are permissionless and available 24/7.
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“With XSGD live on Coinbase Singapore, 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,” says Hassan Ahmed, country director of Coinbase Singapore.
