Investing Updates: Coinbase users can now access Singapore dollar stablecoin in StraitsX tie-up

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https://www.theedgesingapore.com/digitaledge/cryptocurrency/coinbase-users-can-now-access-singapore-dollar-stablecoin-straitsx-tie

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Coinbase has partnered with StraitsX to list XSGD, a Singapore dollar-backed stablecoin recognised by the Monetary Authority of Singapore (MAS) under the upcoming Single Currency Stablecoin (SCS) framework. The collaboration expands stablecoin offerings beyond the US dollar, enhancing local and cross-border payment options for individuals and businesses.

XSGD allows users to convert one Singapore dollar into one tokenised equivalent, enabling transactions in local currency while reducing foreign exchange risks and volatility. This development aims to strengthen financial inclusion, encourage digital asset adoption, and support economic activity in Singapore. StraitsX CEO Tianwei Liu highlighted that direct access to non-USD stablecoins helps dismantle long-standing USD-centric barriers in on-chain FX markets, moving closer to a truly multi-currency and borderless financial ecosystem.

The partnership will also build liquidity pools across multiple currency corridors. XSGD will begin trading on Coinbase and Coinbase Advanced on September 29 (UTC), and will be issued on Base, Coinbase’s Ethereum Layer 2 network. A key feature is the launch of an XSGD/USDC pool on Aerodrome, a central liquidity hub on Base. Incentives will be offered to deepen liquidity and encourage adoption.

With XSGD live on Coinbase Singapore, users and developers can unlock new use cases in local currency. These include blockchain-based AI agent transactions, digital art purchases, acquisition of tokenised real-world assets, and permissionless, 24/7 foreign exchange activities.

Hassan Ahmed, Coinbase Singapore’s country director, noted that the move brings the company closer to its vision of instant, accessible payments worldwide, giving users greater participation in the global financial system.