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Xfers Singapore announces the public release of XSGD

By Edil Corneille

October 05, 2020

  • Singapore
  • Xfers
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Xfers, FinTech, Singapore, blockchain, Major Payment Institution, MPI, XSGD, StraitsX, platformToday, Singapore-based Xfers, a Major Payment Institution (MPI) licensed by the Monetary Authority of Singapore (MAS) for e-money issuance, announced the public release of XSGD, a Travel Rule compliant stablecoin, backed 1:1 with the Singapore Dollar (SGD), as part of its StraitsX initiative. Anyone with a supported bank account in Singapore can now convert SGD into XSGD tokens and vice versa at a 1:1 rate on the Xfers platform.

Under its MPI license for e-money issuance activity, Xfers can mint unlimited amounts of XSGD tokens while the corresponding fiat is safeguarded in segregated accounts with a fully regulated MAS-approved bank. Each XSGD token is fully backed one-for-one by the Singapore Dollar (SGD) and represents one SGD.

The release of XSGD is strategically supported by a versatile ecosystem of partners ranging from non-custodial wallets to institutional custody solutions, exchanges, DeFi platforms, and blockchain analytics tools.

The XSGD/ StraitsX ecosystem consists of:

  • Personal wallets: ImToken, Ledger Nano S, MyEtherWallet, Moonlet, TokenPocket, Trust Wallet, Zillet.
  • Exchanges & Trading: Coinhako, Crypto.com Singapore, Liquid, Tokenize Exchange, Sparrow Exchange, QCP Capital.
  • Decentralised Finance (DeFi) platforms: DEXTF, Hodlnaut, Kyber, Unagii.com, Uniswap, Zilswap.
  • Institutional Wallets & Custody Solutions: BitGo, Fireblocks, Ledger Vault, Onchain Custodian.
  • Blockchain analytics: Elliptic, Etherscan, Merkle Science, Viewblock.

The XSGD token is built on both Ethereum’s protocol as an ERC-20 token and Zilliqa’s protocol as a ZRC-2 token to fill financial gaps. This provides XSGD holders with the benefits of digital assets such as transaction immutability, transparency, decentralisation, availability, high speed, and low fees. Because of its redeemability for the Singapore Dollar, XSGD tokens represent a liquid, digital alternative to cash that is available 24/7 for near-instantaneous transactions and that can be easily held in any Ethereum or Zilliqa compatible wallet.

“This marks a major milestone for us in our vision to create the trusted and open financial system in Southeast Asia,” said Aymeric Salley, Head of StraitsX at Xfers. “We have seen the adoption of stablecoins rise quickly over the years, however, 98% of the market is dominated by USD-denominated stablecoins – we believe that now is the time for stablecoins pegged to other national currencies such as the Singapore Dollar to emerge.”

For verified Xfers users, XSGD tokens can be converted 1:1 with SGD on the Xfers platform within one business day. On the crypto.com and Tokenize exchange platforms, XSGD tokens are available under the ‘XSGD’ ticker. ZIL/ XSGD is also the first token pool available on Zilswap, the first decentralized exchange (DEX) on Zilliqa built by DEX developers Switcheo. The smart contracts for XSGD on both Ethereum and Zilliqa have been audited by Quantstamp, a smart contract security audit firm based out of San Francisco, California.

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