StraitsX has officially launched its Singapore dollar-backed stablecoin, XSGD, on the XRP Ledger (XRPL) as part of a strategic collaboration with Ripple. This marks the integration of a regulated digital SGD stablecoin into a decentralized layer 1 blockchain designed for scalable tokenization and real-world financial use cases.
XSGD is issued by a Major Payment Institution regulated by the Monetary Authority of Singapore, and it is backed one-to-one by reserves held with DBS Bank and Standard Chartered. This solid backing enables users to mint and redeem XSGD through the StraitsX platform, which supports interoperability with wallets and decentralized finance protocols.
The XRPL infrastructure facilitates fast, low-cost settlement and programmable financial flows suitable for financial institutions, fintech companies, and developers. The integration of XSGD enables practical use cases such as cross-border payments, on-chain settlement, and regulatory-compliant programmable payouts.
StraitsX's partnership with Ripple underlines a vision to embed trusted digital currencies into the evolving global financial system. Ripple, a key contributor to XRPL’s development, aims to expand enterprise-grade blockchain payment solutions across Asia-Pacific.
The launch on XRPL complements XSGD's existing presence on multiple blockchains including Ethereum, Polygon, Avalanche, Hedera, Arbitrum, and Zilliqa, enhancing its cross-chain capabilities.
Looking ahead, StraitsX plans a second rollout phase in June 2025 focused on institutional applications such as programmable payouts, merchant settlements, and compliance tools, promising enhanced utility for financial services managing complex flows.