24th May 2023, Kathmandu
StraitsX, the Southeast Asia-based digital asset payment infrastructure, announced support for the StraitsX Singapore Dollar (XSGD) on the Hedera network.
Since its launch in October 2020, XSGD has gained rapid adoption, surpassing over 7 billion XSGD in on-chain transactions, making it one of the largest non-USD stablecoins by market capitalization today.
Starting today, users can leverage the StraitsX platform to send and receive XSGD on the Hedera network. XSGD (Hedera) is also expected to be listed on global exchanges in the coming months.
Hedera is a leaderless proof-of-stake (POS) network powered by hashgraph consensus, achieving the highest grade of security possible (ABFT).
Combining high throughput, low fees, and finality in seconds, transactions on Hedera are blazing fast with incredibly low bandwidth consumption. HBAR is the native, energy-efficient cryptocurrency of Hedera that powers the decentralized economy.
XSGD support on the Hedera network aligns with the primary focus of the HBAR Foundation, providing entrepreneurs with the ecosystem resources needed to build and deploy new applications on the Hedera network.
XSGD on Hedera offers the benefits of a Southeast Asian fiat-backed stablecoin to end-users and applications built on the Hedera network, enabling instant cross-border settlement, with high transaction scalability and low, predictable transaction fees.
Kenny Chan, Head of StraitsX said,
“We are excited to have XSGD on the Hedera network natively, contributing to a flourishing ecosystem of applications that offer real-time XSGD stablecoin payments.
With Hedera’s energy-efficient framework, micropayments in stablecoins will become increasingly viable, leading to greater financial inclusion in the region.”
Sabrina Tachdjian, Head of Fintech & Payments at The HBAR Foundation said, “We are excited to be working with StraitsX to bring a hedera-native XSGD to the market and add a new regulated and fully reserved stablecoin to our ecosystem.
We believe XSGD will add value to Hedera-based applications in APAC and beyond, including in the financial inclusion space as evidenced by our earlier POC with StraitsX.’