Crypto Singapore Currency seeks to diversify the US currency-dominated ecosystem
By Mark Lemon – Crypto Broker
On Monday, Singapore-based payment firm Xfers confirmed the official release of its stable coin XSGD, pegged against the Singapore dollar. The first of its kind, this will be the primary Singapore dollar-backed token, offering Singaporean corporations and retail consumers a way to engage with cryptocurrency trading while backed by their native fiat currency.
The token XSGD has been released on both the Zilliqa (ZIL) and Ethereum (ETH) networks. The token was introduced as part of the StraitsX program at Xfers.
Aymeric Salley, Head of StraitsX, stated that the token complied with PSN01 guidance provided by the Singapore Monetary Authority of Singapore and that the platform is travel-policy compliant.
The collection of rules specifically discusses the verification criteria for users who, after complete authentication, can either obtain or redeem the XSGD stablecoin on the Xfers platform. The firm continues their risk management and transaction tracking practices in full compliance with ongoing Singaporean Anti-Money laundering regulations.
Salley also announced that the token itself could be openly removed and exchanged with non-custodial wallets. Initial real-world cases for XSGD include mainly financial institutions, particularly cross-border money transactions and links to financial markets for crypto-based institutions.
The project is now advocating for the introduction of the coin through decentralized exchanges (DEXs) and is presently available on the decentralized exchange Zilswap. The token exists as an Ethereum ERC-20 contract, which enables the availability of the token on DEXs like Uniswap as well. You can buy altcoins including Uniswap (UNI) and Ethereum (ETH) with BC Bitcoin here.
Singapore's blockchain industry is relatively large, with over 200 blockchain ventures and investment companies alike. The Fiat Gateway provided by XSGD could make it simpler for these companies to interact with global crypto markets. However, the country's crypto network does not seem to be extremely inadequate. Significant exchanges such as Binance, Kraken, or Coin base represent the country through their national networks or specialized subsidiaries.
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