Xfers, a Singapore-based financial services company, will launch its XSGD stablecoin as it aims to diversify landscape dominated by USD, media reports said. The launch is a part of the company’s StraitsX initiative.
Head of payments at Xfers, Sharon Paul, told the media, “Payments are more often than not, the first step in enabling financial access. With this in mind, and observing the rise in tokenised assets, it was a natural progress for our team to include Stablecoin into our suite of payment options. It is with great joy to offer XSGD as an interoperable and hence seamless settlement option for the digital assets and capital markets industries.”
Xfers is expected to become Singapore’s first-ever national currency-denominated tokens. The stablecoin is expected to pave the way for individuals and businesses to carryout transactions with cryptocurrency by the Singaporean dollar. The stablecoin is rolled out on blockchain platforms such as Zilliqa and Ethereum.
The stablecoin, which is currently available on Zilswap, a Zilliqa-based decentralised exchange; is also being pushed by the company to be used across other decentralized finance ecosystem. Furthermore, the stablecoin is also available as an ERC-20 contract on Ethereum.
It is reported that the stablecoin is a travel rule complaint, however, Aymeric Salley, head of StraitsX said that Xfers involves PSN01 guidelines by the Monetary Authority of Singapore.
The blockchain ecosystem in Singapore is diversified and vast, comprising more than 200 blockchain projects and investments alike. The blockchain ecosystem is thriving among Southeast Asian countries in recent times.