Crypto infrastructure provider StraitsX debuted its Singapore dollar-pegged stablecoin, XSGD, on the XRP Ledger (XRPL) to cater to growing demand for regulated multi-chain stablecoins supporting real-time cross-border payments.
Digital asset developers, fintechs firms and financial institutions can use XSGD to conduct cross-border transactions, settle transactions on-chain and create programmable financial flows. XGSD is being powered by XRPL, a decentralized public blockchain from Ripple.
StraitsX, a major payment institution licensed by the Monetary Authority of Singapore, began issuing XSGD in 2020. The stablecoin pegged to the Singapore dollar is fully backed 1:1 by reserves held with DBS Bank and Standard Chartered.
As of writing, XSGD had a total supply of 14.12 million, with an onchain transaction count exceeding 8 billion. The stablecoin is available on Arbitrum, Avalanche, Ethereum, Polygon, Hedera and Zilliqa.
โAt StraitsX, weโve always approached stablecoins not just as digital representations of fiat, but as critical infrastructure for the future of financial markets. Launching XSGD on the XRP Ledger is a meaningful step toward that vision โ an expansion of interoperability, programmability, and access across networks that were purpose-built for real-world value exchange,โ Co-Founder and deputy of StaitsX, Liu Tianwei, told CoinDesk.
Regulated stablecoins like XSGD are better positioned to see increased adoption in the expected boom in cross-border economic activity in the coming years. For instance, per some estimates, cross-border e-commerce in Asia is expected to surpass $4 trillion by 2030. Meanwhile, global cross-border payments are projected to hit $250 trillion by 2027, according to a report published by Infosys Finacle last year.
The report mentioned Ripple while discussing various methods fintechs employ for money transfer. The report said that Rippleโs real-time settlement of funds โeliminates the need for pre-funding destination accounts and supports low-cost payments within seconds.โ
Opening move
The debut of XSGD on the XRP Ledger marks the beginning of a series of upcoming rollouts outlined under the strategic partnership, the press release said.
In June, StraitsX plans to introduce a second phase focused on institutional applications, including programmable payouts, merchant settlements, and seamless compliance integrations for various financial workflows.
โStraitsXโs launch of XSGD on the XRP Ledger underscores that digital assets, including stablecoins, could play a pivotal role in paymentsโ said Fiona Murray, managing director of APAC at Ripple.
โWe are seeing a growing appetite for stablecoins like XSGD to support enterprise-grade use cases across payments, liquidity, and compliance-first infrastructure. Our collaboration with StraitsX to bring XSGD to the XRP Ledger supports our commitment to delivering regulated assets that can reshape cross-border payments and unlock value for financial institutions,โ Murray added.
