The Singapore dollar-pegged stablecoin, XSGD, has been launched by StraitsX on the XRP Ledger in response to the growing demand for regulated multi-chain stablecoins in cross-border payment solutions.
The Singapore dollar-pegged stablecoin, XSGD, was introduced on the XRP Ledger (XRPL) by crypto infrastructure provider StraitsX to address the increasing demand for regulated multi-chain stablecoins that facilitate real-time cross-border payments.
XSGD can be utilized by digital asset developers, fintech companies, and financial institutions to perform cross-border transactions, settle payments on-chain, and establish programmable financial flows.
XSGD was first issued in 2020 by StraitsX, a leading payment institution licensed by the Monetary Authority of Singapore. The stablecoin, which is pegged to the Singapore dollar, is fully backed on a 1:1 basis by reserves maintained with DBS Bank and Standard Chartered.
At the time of reporting, the total supply of XSGD stood at 14.12 million, with over 8 billion on-chain transactions having been recorded. The stablecoin is currently supported on multiple blockchains, including Arbitrum, Avalanche, Ethereum, Polygon, Hedera, and Zilliqa.
Stablecoins have consistently been viewed at StraitsX not merely as digital equivalents of fiat currency, but as essential infrastructure for the evolution of financial markets, according to Liu Tianwei, Co-Founder and Deputy CEO of StraitsX. he remarked that the launch of XSGD on the XRP Ledger represents a significant advancement toward that vision—broadening interoperability, programmability, and accessibility across networks specifically designed for real-world value exchange.
Increased adoption is anticipated for regulated stablecoins such as XSGD amid the projected surge in cross-border economic activity over the next few years. For example, cross-border e-commerce in Asia is estimated to exceed $4 trillion by 2030, while global cross-border payment volumes are forecasted to reach $250 trillion by 2027, based on a report released by Infosys Finacle last year.
Initial Step Forward
According to the press release, the launch of XSGD on the XRP Ledger has been marked as the initial phase in a sequence of forthcoming deployments planned under the strategic partnership.
A second phase, centered on institutional use cases, is scheduled to be introduced by StraitsX in June. This phase will include programmable payouts, merchant settlements, and streamlined compliance integrations tailored for diverse financial processes.
It was stated by Fiona Murray, managing director of APAC at Ripple, that the launch of XSGD on the XRP Ledger by StraitsX highlights the potential for digital assets, including stablecoins, to serve a significant role in the future of payments.
Murray further noted that increasing demand is being observed for stablecoins such as XSGD to facilitate enterprise-level applications across payments, liquidity management, and compliance-driven infrastructure. She added that the collaboration with StraitsX to introduce XSGD on the XRP Ledger reinforces their commitment to offering regulated digital assets capable of transforming cross-border payments and generating value for financial institutions.
