XSGD (digital currency)

2020: Launch of the Singapore Dollar-backed XSGD

In early October 2020, the payment company Xfers announced the release of its stable coin XSGD, which is pegged to the Singapore dollar. The company received a license to issue electronic money from the Monetary Authority of Singapore (MAS), which allows it to produce an unlimited number of steeblocks.

The license issued by the financial regulator allows the company to issue an unlimited amount of XSGD, provided that the fiat currency is blocked in bank accounts approved by MAS. Such control and requirements are supposed to guarantee holders that all steablecones are provided with fiat currency.

In Singapore, issued a digital currency XSGD, secured by a national currency

The company claims that the XSGD digital coin meets the FATF recommendations for participants in the crypto industry as well as the requirements of the local financial regulator. Everyone who wants to purchase a steablecone is required to confirm their identity, XSGD will regularly undergo risk assessment and transaction monitoring.

The head of the StraitsX block project at Xfers, Eimeric Sally, noted:

Over the years, we have seen rapid growth in the introduction of steeblocks, but 98% of the market is dominated by US dollar-denominated steeblocks - we believe that the time has come for the emergence of steeblocks pegged to other national currencies, such as the Singapore dollar.

He added that the company continues to negotiate with local banking institutions over the possible use of the coin in cross-border payments. This, he said, is almost the main goal of Xfers.

Stablecoin XSGD is launched on both Ethereum and Zilliqa, it is available both on exchanges and in wallets in the StraitsX ecosystem, which includes such well-known companies as Ledger and Crypto.com.

Steeblockin holders can track the processes associated with its issue and repayment, as well as other financial indicators on the official website of Xfers.^[1]

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