StraitsX Unveils XSGD Stablecoin on XRP Ledger, Achieving 8 Billion On-Chain Transactions

Crypto infrastructure provider StraitsX launched its Singapore dollar-pegged stablecoin, XSGD, on the XRP Ledger (XRPL) to meet the increasing need for regulated multi-chain stablecoins that enable real-time cross-border payments.

This stablecoin facilitates cross-border transactions for developers of digital assets, fintechs, and financial institutions, allowing for on-chain settlements and programmable financial flows. It operates on XRPL, a decentralized public blockchain developed by Ripple.

StraitsX, which is a licensed payment institution under the Monetary Authority of Singapore, first began issuing XSGD in 2020. The stablecoin is backed 1:1 by reserves at DBS Bank and Standard Chartered, ensuring its alignment with the Singapore dollar.

Currently, the total supply of XSGD stands at 14.12 million, with an on-chain transaction count exceeding 8 billion. It is available across various platforms, including Arbitrum, Avalanche, Ethereum, Polygon, Hedera, and Zilliqa.

Liu Tianwei, Co-Founder and Deputy of StraitsX, emphasized the importance of stablecoins, stating, “We view them as essential infrastructure for the financial markets of the future. Launching XSGD on the XRP Ledger is a significant advancement towards greater interoperability and programmability across networks designed for real-world value exchange.”

Regulated stablecoins like XSGD are positioned to gain traction as cross-border economic activities are expected to grow significantly in the next few years. Estimates suggest that cross-border e-commerce in Asia could exceed $4 trillion by 2030, and global cross-border payments might reach $250 trillion by 2027.

A recent report discussed how fintechs utilize various methods for money transfers, mentioning Ripple’s role in facilitating real-time fund settlements that eliminate the necessity for pre-funding destination accounts, thus enabling low-cost transactions in seconds.

The announcement of XSGD on the XRP Ledger signifies the start of multiple forthcoming developments outlined under a strategic partnership.

In June, StraitsX intends to roll out a second phase concentrated on institutional use cases, which will include features such as programmable payouts, merchant settlements, and streamlined compliance integrations for various financial operations.

Fiona Murray, managing director of APAC at Ripple, remarked that the introduction of XSGD on the XRP Ledger demonstrates the potential of digital assets, including stablecoins, to play a significant role in the payments landscape. She noted a growing demand for stablecoins like XSGD to support enterprise-grade applications across payments, liquidity, and compliance-focused infrastructures, highlighting their collaboration with StraitsX to enhance cross-border payment solutions with regulated assets.