What Is XSGD (XSGD)?
XSGD (XSGD) is a cryptocurrency that is backed fully with the Singapore Dollar (SGD) developed by the StraitsX platform. XSGD is the digital Singapore Dollar running on the Ethereum and the Zilliqa blockchains. StraitsX is a pioneering payments infrastructure for the digital assets space in Southeast Asia developed by Xfers, a Singapore Fintech. StraitsX aims to establish itself as the platform for digital assets enabling access to digital growth opportunities for everyone. The platform envisions enabling and accelerating digital assets access for individuals and businesses in Asia and all over the world.
As per its website, the StraitsX ecosystem allows swift and safe access to digital assets markets and decentralized finance (DeFi) applications through the StraitsX APIs and stablecoins for both users and businesses. Application Programming Interface, or API for short, is an interface that allows two unrelated systems to interact with each other.
The key features of XSGD are:
Regulatory complaint- Issued by Xfers, a licensed Major Payment Institution (MPI) under the e-currency issuance framework.
Backed with Traditional Reserve- Each XSGD is fully backed by one Singapore Dollar, held and safeguarded in a Singapore bank.
Multi-chain- XSGD provides speed, scalability, and cost-effectiveness offered by Ethereum and Zilliqa networks.
XSGD is a stablecoin anchored to the Singapore Dollar and is the native token of the StraitsX platform. XSGD operates on ERC-20 and ZRC-2 token standards. ZRC-2 is a formal token standard for creating fungible tokens on Zilliqa. XSGD has the following use cases:
Making near-instant, low-cost transfers of XSGD globally, anytime in a secure manner, without needing a 3rd party.
Users can transfer, spend, and receive XSGD with StraitsX ecosystem partners across various blockchains and a wide range of supported applications.
Leverage XSGD in DeFi. Swap or provide liquidity with XSGD to take part in the future of finance.
History of XSGD (XSGD)
In 2020, a Singaporean FinTech company StraitsX launched XSGD. Aymeric Salley and Yap Jun Hao lead the StraitsX platform. Aymeric is the head of business operations, and Jun Hao leads the engineering team. XSGD has a total supply of 253,738,190.83 tokens.
