Coinbase's Local Stablecoins: The Backbone of Global Crypto Payments

Coinbase will list XSGD, a Singapore dollar-backed stablecoin, alongside the Australian dollar-denominated AUDD, beginning September 29, 2025, at 19:00 UTC. This marks the first time Coinbase offers non-U.S. dollar stablecoins globally, expanding access to digital assets tied to local currencies. The move aligns with the exchange’s mission to onboard 1 billion users to crypto by enabling seamless transactions in familiar fiat currenciesListing Local Currency Stablecoins in Singapore and Australia^[1]. XSGD, issued by StraitsX, is compliant with Singapore’s Single Currency Stablecoin (SCS) regulatory framework and pegged 1:1 to the SGD. It is backed by reserves managed under strict disclosure and audit requirements set by the Monetary Authority of Singapore (MAS)Coinbase to Launch AUDD and XSGD Stablecoins on Sept 29^[2]. AUDD, issued by AUDC Pty Ltd, is fully collateralized and designed for institutional-grade finance, redeemable 1:1 for AUDCoinbase to List First Singapore Dollar Stablecoin in Collaboration ...^[3].

The launch addresses growing demand for local currency stablecoins. An Ipsos survey commissioned by Coinbase found that over 70% of crypto holders in Singapore and Australia expressed interest in using such stablecoins for daily transactions and cross-border paymentsListing Local Currency Stablecoins in Singapore and Australia^[1]. These assets reduce reliance on USD-pegged stablecoins, which currently dominate 99% of on-chain money, and lower conversion costs for users in the Asia-Pacific regionAsia Moves to Regulate Stablecoins Amid Growing …^[4]. By offering XSGD and AUDD, Coinbase allows users to convert SGD and AUD to their stablecoin counterparts without foreign exchange fees, facilitating instant, low-cost transactionsCoinbase to Add AUDD and XSGD: Local Stablecoins Explained^[5]. This aligns with broader trends: stablecoin market capitalization surpassed $250 billion in June 2025, up 50% year-over-year, with analysts projecting growth to a $2 trillion asset class within a few yearsListing Local Currency Stablecoins in Singapore and Australia^[1].

Regulatory clarity is a key driver of adoption. Singapore’s MAS has established stringent requirements for stablecoin issuers, including maintaining 100% reserve backing and enabling par-value redemptions within five business daysNational Stablecoins: Asia’s Strategy to Reduce Dollar Dependency^[8]. XSGD’s compliance with these rules positions it as one of the most regulated stablecoins in Asia, offering institutional and retail users confidence in its stability and transparencyCoinbase to Add AUDD and XSGD: Local Stablecoins Explained^[5]. Similarly, AUDD is structured to align with Australia’s emerging regulatory standards for fiat-backed digital assetsDigital money: Singapore sets the standard for …^[6]. Coinbase emphasizes its commitment to compliance, ensuring new listings meet local legal frameworks and operational transparency standardsCoinbase to Add AUDD and XSGD: Local Stablecoins Explained^[5].

The integration of XSGD and AUDD into Coinbase’s ecosystem reflects broader shifts in the stablecoin landscape. With over $30 trillion in transactions processed in 2024, stablecoins are increasingly seen as the backbone of global paymentsListing Local Currency Stablecoins in Singapore and Australia^[1]. Local currency stablecoins like XSGD and AUDD are critical for expanding crypto adoption in regions where USD-centric systems create friction. For example, XSGD will be available on Base, Coinbase’s Ethereum Layer 2 network, enabling decentralized finance (DeFi) applications and liquidity poolsCoinbase to List First Singapore Dollar Stablecoin in Collaboration ...^[3]. This supports use cases such as AI-driven commerce, where stablecoins can automate payments and data transactionsListing Local Currency Stablecoins in Singapore and Australia^[1].

Coinbase’s expansion into local stablecoins underscores its strategy to localize its offerings in key markets. Hassan Ahmed, Country Director of Coinbase Singapore, highlighted that XSGD’s launch brings users closer to the global financial system while supporting economic freedomCoinbase to List First Singapore Dollar Stablecoin in Collaboration ...^[3]. The exchange plans to introduce additional products and services linked to StraitsX in the coming months, further embedding XSGD into its platformCoinbase to List First Singapore Dollar Stablecoin in Collaboration ...^[3]. As stablecoin adoption grows, Coinbase’s move to diversify its stablecoin portfolio could catalyze broader acceptance of digital assets in everyday financial activities, from remittances to B2B settlementsCoinbase to Add AUDD and XSGD: Local Stablecoins Explained^[5].