“By enabling seamless, direct access to local currency stablecoins, we are breaking down the USD-centric barriers that have long limited on-chain FX markets. This partnership brings us closer to a truly multi-currency and frictionless global financial system that we’ve been building toward since day one," says Tianwei Liu, CEO and co-founder of StraitsX.
Coinbase users can now access XSGD, thanks to the US crypto exchange’s partnership with StraitsX. XSGD is the SGD stablecoin acknowledged by the Monetary Authority of Singapore (MAS) to be substantively compliant with the upcoming Single Currency Stablecoin (SCS) regulatory framework.
The partnership allows for easier local and cross-border payments for both individuals and businesses. Users can now convert one Singapore dollar to one XSGD, enabling them to transact and manage digital assets in their local currency. This move aims to reduce currency risk and foreign exchange volatility while promoting financial inclusion and strengthening local economic activity.
