Coinbase has announced a strategic partnership with StraitsX to launch XSGD, a stablecoin backed 1:1 by the Singapore dollar (SGD), on its Ethereum Layer 2 network, Base. The rollout begins on September 29, 2025, at 19:00 UTC, with availability on Coinbase and Coinbase Advanced platforms.
XSGD, first issued in 2020, holds reserves at DBS Bank and Standard Chartered to ensure full backing. It has been acknowledged by the Monetary Authority of Singapore (MAS) as compliant with the upcoming Single Currency Stablecoin framework, enhancing regulatory trust. This initiative aims to diversify the stablecoin landscape, reduce currency risk for users in Southeast Asia, and foster financial inclusion by providing a non-USD alternative.
The stablecoin will be deployed on Base, enabling fast, low-cost transactions. A key feature includes the launch of an XSGD/USDC liquidity pool on Aerodrome Finance, Base's central liquidity hub, with incentives to drive adoption. This allows seamless on-chain foreign exchange and supports use cases like AI agents, digital art purchases, and real-world asset acquisitions.
Hassan Ahmed, Country Director of Coinbase Singapore, stated, "With XSGD live on Coinbase Singapore, we're one step closer to making local and cross-border payments instant and accessible." Tianwei Liu, CEO of StraitsX, added, "We are breaking down USD-centric barriers in on-chain FX markets." Both companies are licensed as Major Payment Institutions in Singapore, underscoring their commitment to APAC expansion.