Singapore’s stablecoin market took a step forward this
week as Coinbase partnered with StraitsX to launch XSGD, the first Singapore
dollar-backed stablecoin recognized by the Monetary Authority of Singapore
(MAS).
The rollout broadens Coinbase’s stablecoin offering
and introduces new cross-border payment options for users. Coinbase said on 24
September that XSGD will be listed on its global platform, with trading set to
open at 19:00 UTC on 29 September.
Digital assets meet tradfi in London at the fmls25
Coinbase and StraitsX Join Forces
The stablecoin will be available on both Coinbase and
Coinbase Advanced, marking the exchange’s first listing of an SGD-pegged
digital asset.
“Stablecoins are redefining how payments move across
borders. With XSGD live on Coinbase Singapore, we’re one step closer to making
local and cross-border payments instant and accessible to everyone with a phone
and wallet,” Hassan Ahmed, Country Director of Coinbase Singapore, commented.
“Enabling easy, quick FX transactions brings more of
our users across the globe closer and gives them greater access to the global
financial system- supporting our mission of increasing economic freedom.”
🚀 $XSGD is coming on @coinbase!
Our Singapore Dollar-backed stablecoin is going to be available on one of the world’s most trusted cryptocurrency exchanges.
Get ready to trade, hold, and transfer XSGD on @CoinbaseSG on 29 September 2025 (19:00 UTC).
With over 8.7 billion… pic.twitter.com/yIyXcVNFAo
— StraitsX (@StraitsX) September 24, 2025
XSGD is reportedly pegged one-to-one to the Singapore dollar and
allows users to transact in local currency without converting into US dollars.
StraitsX said the token would support both domestic payments and global foreign
exchange transactions, reducing exposure to currency volatility.
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As part of the rollout, XSGD will also be issued on
Base, Coinbase’s Ethereum Layer 2 network. The integration will enable
decentralized FX trading and liquidity pools, including an incentivized
XSGD/USDC pool on Aerodrome, Base’s central liquidity hub.
Regulatory Backing in Singapore
Both firms operate under Singapore’s licensing regime.
Coinbase has held a Major Payment Institution license since 2023, while
StraitsX obtained multiple licenses in 2024. The listing aligns with MAS’s
Single Currency Stablecoin framework, which will regulate tokens pegged to
domestic fiat.
Coinbase described the partnership as part of its
ongoing Asia-Pacific expansion. The exchange said more products and services
linked to StraitsX will be announced in the coming months.
The listing of XSGD adds a Singapore dollar option to
Coinbase’s stablecoin roster, underscoring the city-state’s role in shaping
global digital asset policy.
More on stablecoins:
Singapore’s stablecoin market took a step forward this
week as Coinbase partnered with StraitsX to launch XSGD, the first Singapore
dollar-backed stablecoin recognized by the Monetary Authority of Singapore
(MAS).
The rollout broadens Coinbase’s stablecoin offering
and introduces new cross-border payment options for users. Coinbase said on 24
September that XSGD will be listed on its global platform, with trading set to
open at 19:00 UTC on 29 September.
Digital assets meet tradfi in London at the fmls25
Coinbase and StraitsX Join Forces
The stablecoin will be available on both Coinbase and
Coinbase Advanced, marking the exchange’s first listing of an SGD-pegged
digital asset.
“Stablecoins are redefining how payments move across
borders. With XSGD live on Coinbase Singapore, we’re one step closer to making
local and cross-border payments instant and accessible to everyone with a phone
and wallet,” Hassan Ahmed, Country Director of Coinbase Singapore, commented.
“Enabling easy, quick FX transactions brings more of
our users across the globe closer and gives them greater access to the global
financial system- supporting our mission of increasing economic freedom.”
🚀 $XSGD is coming on @coinbase!
Our Singapore Dollar-backed stablecoin is going to be available on one of the world’s most trusted cryptocurrency exchanges.
Get ready to trade, hold, and transfer XSGD on @CoinbaseSG on 29 September 2025 (19:00 UTC).
With over 8.7 billion… pic.twitter.com/yIyXcVNFAo
— StraitsX (@StraitsX) September 24, 2025
XSGD is reportedly pegged one-to-one to the Singapore dollar and
allows users to transact in local currency without converting into US dollars.
StraitsX said the token would support both domestic payments and global foreign
exchange transactions, reducing exposure to currency volatility.
You may also like: Equiti Hits the Court as Founding Partner of Dubai Basketball Ahead of EuroLeague
As part of the rollout, XSGD will also be issued on
Base, Coinbase’s Ethereum Layer 2 network. The integration will enable
decentralized FX trading and liquidity pools, including an incentivized
XSGD/USDC pool on Aerodrome, Base’s central liquidity hub.
Regulatory Backing in Singapore
Both firms operate under Singapore’s licensing regime.
Coinbase has held a Major Payment Institution license since 2023, while
StraitsX obtained multiple licenses in 2024. The listing aligns with MAS’s
Single Currency Stablecoin framework, which will regulate tokens pegged to
domestic fiat.
Coinbase described the partnership as part of its
ongoing Asia-Pacific expansion. The exchange said more products and services
linked to StraitsX will be announced in the coming months.
The listing of XSGD adds a Singapore dollar option to
Coinbase’s stablecoin roster, underscoring the city-state’s role in shaping
global digital asset policy.
More on stablecoins: