XSGD, StraitsX’s Singapore dollar-pegged stablecoin, has been launched on the XRP Ledger (XRPL). On May 20, XSGD announced the initial stage of a larger partnership with Ripple and touted itself as a flexible instrument for programmable finance and cross-border payments.
Developers, fintech firms, and financial institutions can use XSGD for programmable financial processes, on-chain settlements, and real-time cross-border payments.
Since its release in 2020, the XSGD stablecoin has been backed 1:1 by reserves held at Standard Chartered and DBS Bank, guaranteeing its reliability and stability. To date, it has completed over 8 billion on-chain transactions, and XSGD has a current total supply of 14.12 million tokens. This combination of factors solidifies its position as a trustworthy digital equivalent of the Singapore dollar.
Expansion of Cross-Border and Multi-Chain Capabilities
Several blockchain networks, including Arbitrum, Avalanche, Ethereum, Polygon, Hedera, and Zilliqa, also offered the stablecoin before this introduction. Adding XRPL enhances StraitsX’s objective to facilitate SGD-denominated payments on institutional-grade and retail infrastructure.
Now, users can send, receive, and hold XSGD on the XRP Ledger. The ledger has excellent scalability, low fees, and quick transaction rates. Through the StraitsX platform, users can mint, redeem, and incorporate the stablecoin into various apps and wallets using the permissionless version of XSGD.
The industry predicts that by 2030, cross-border e-commerce in Asia will be worth over $4 trillion. Furthermore, by 2027, cross-border payment volumes worldwide may total an estimated $250 trillion. In this changing environment, regulated stablecoins like XSGD are well-positioned to be important. This is because they provide the speed and programmability of blockchain technology while still adhering to legal standards.
What Lies Ahead for XSGD
The business plans to launch a second phase in June 2025. This phase will focus on institutional use cases and include programmable payouts, merchant settlements, and simplified compliance interfaces.
The business will also introduce a permissioned version of XSGD (called “XSGDP”), designed exclusively for institutional users by utilizing Ripple’s Authorized Trust Line (ATL) concept.
Using Ripple’s On-Demand Liquidity platform, this version will power liquidity supply at institutional volumes, provide enterprise-grade cross-border FX transfers, and allow first-party and third-party payouts.
READ MORE: Chainlink Price Prediction: Will $15 Trigger a Rally to $27 or Crash to $11?
