XRP News Today: StraitsX Launches XSGD on XRP Ledger for Cross-Border Payments

StraitsX, a prominent crypto infrastructure provider, has launched its Singapore dollar-pegged stablecoin, XSGD, on the XRP Ledger (XRPL). This move is aimed at meeting the increasing demand for regulated multi-chain stablecoins that support real-time cross-border payments. XSGD is designed to facilitate cross-border transactions, on-chain settlement, and the creation of programmable financial flows for digital asset developers, fintech firms, and financial institutions.

Powered by XRPL, a decentralized public blockchain developed by Ripple, XSGD is fully backed 1:1 by reserves held with DBS Bank and Standard Chartered. StraitsX, a major payment institution licensed by the Monetary Authority of Singapore, began issuing XSGD in 2020. As of the latest information, XSGD has a total supply of 14.12 million, with an on-chain transaction count exceeding 8 billion. The stablecoin is available on multiple blockchains, including Arbitrum, Avalanche, Ethereum, Polygon, Hedera, and Zilliqa.

Liu Tianwei, Co-Founder and deputy of StraitsX, emphasized the significance of this launch, stating, "At StraitsX, we’ve always approached stablecoins not just as digital representations of fiat, but as critical infrastructure for the future of financial markets. Launching XSGD on the XRP Ledger is a meaningful step toward that vision – an expansion of interoperability, programmability, and access across networks that were purpose-built for real-world value exchange."

Regulated stablecoins like XSGD are expected to see increased adoption due to the anticipated boom in cross-border economic activity. For instance, cross-border e-commerce in Asia is projected to surpass $4 trillion by 2030. Additionally, global cross-border payments are expected to reach $250 trillion by 2027. Ripple's real-time settlement of funds, which eliminates the need for pre-funding destination accounts and supports low-cost payments within seconds, is highlighted as a key method employed by fintechs for money transfer.

The debut of XSGD on the XRP Ledger marks the beginning of a series of upcoming rollouts under the strategic partnership between StraitsX and Ripple. In June, StraitsX plans to introduce a second phase focused on institutional applications, including programmable payouts, merchant settlements, and seamless compliance integrations for various financial workflows.

Fiona Murray, managing director of APAC at Ripple, commented on the launch, saying, "StraitsX's launch of XSGD on the XRP Ledger underscores that digital assets, including stablecoins, could play a pivotal role in payments. We are seeing a growing appetite for stablecoins like XSGD to support enterprise-grade use cases across payments, liquidity, and compliance-first infrastructure. Our collaboration with StraitsX to bring XSGD to the XRP Ledger supports our commitment to delivering regulated assets that can reshape cross-border payments and unlock value for financial institutions."