Wirex integrates non-USD fiat-backed Stablecoin, XSGD on the Platform

By Joy Dumasia

Wirex, a digital payments platform, has added six new stablecoins to its platform to continue its mission to bring crypto to the mainstream. The latest to be integrated is XSGD, the world’s largest non-USD fiat-backed stablecoin.

The six stablecoins are the latest in a series of token releases as Wirex continues to expand the selection on its platform. The new tokens now available are STASIS EURO (EURS), True (TUSD), USD Coin (USDC), Tether (USDT), USDP and XSGD. In Singapore, the popular LINK and UNI tokens and XSGD will also be available for users, where Singaporeans can perform a bank transfer of SGD to Wirex using StraitsX to convert to XSGD.

The six new tokens will sit alongside DAI, the first stablecoin integrated into the Wirex platform, in 2019. With over 4.5 million users already, the platform gives users the ability to buy, hold, exchange, sell multiple traditional and cryptocurrencies, which can be spent with the world’s first crypto-enabled prepaid card.

Backed 1:1 to the Singapore dollar, XSGD was chosen as Wirex’s first APAC-based stablecoin, as it ties into the company’s focus on promoting a safe and trusted crypto sector. Available on the StraitsX platform developed by Xfers Pte. Ltd, a major Southeast Asian payment processing gateway, the token was created to help realise the vision of a regulated and decentralised financial system in Singapore.

Pavel Matveev, the CEO and Co-Founder of Wirex, commented: “Wirex was founded with a mission to make crypto open to all, so it’s vital to offer a wide variety of tokens to suit all users, regardless of their lifestyle and experience with crypto. Stablecoins such as XSGD are a great option for those new to crypto as they are pegged to a stable asset, keeping the value more consistent over time while still offering users the benefits of crypto.”

Aymeric Salley, Head of StraitsX, added: “At StraitsX, we believe ASEAN currencies denominated stablecoins will see increasing adoption, and we’re delighted to see Wirex pioneering this effort with XSGD now being supported by the Wirex platform. We look forward to users being able to spend XSGD via the Wirex card.”