In early October 2020, payment company Xfers announced the release of its XSGD stablecoin, which is pegged to the Singapore dollar. The company has received an e-money issuance license from the Monetary Authority of Singapore (MAS), allowing it to issue an unlimited number of stablecoins. The license issued by the financial regulator allows the company to issue an unlimited number of XSGD, provided that the fiat currency is blocked in bank accounts approved by the MAS. Such controls and requirements are supposed to ensure holders that all stablecoins are backed by fiat currency.
The company claims that the XSGD digital coin meets the FATF recommendations for participants in the crypto industry, as well as the requirements of the local financial regulator. Anyone wishing to purchase a stablecoin is required to verify their identity, XSGD will undergo regular risk assessment and transaction monitoring. Aymeric Sally, Head of the StraitsX blockchain project at Xfers, said: “Over the years we have seen a rapid increase in the adoption of stablecoins, however, 98% of the market is dominated by stablecoins denominated in US dollars - we believe that it is time for stablecoins pegged to other national currencies. , such as the Singapore dollar." He added that the company continues to negotiate with local banking institutions about the possible use of the coin in making cross-border payments. This, according to him, is perhaps the main goal of Xfers.
The XSGD stablecoin has launched on both Ethereum and Zilliqa and is available on both exchanges and wallets in the StraitsX ecosystem, which includes well-known companies such as Ledger and Crypto.com. Holders of a stablecoin can track the processes associated with its issue and redemption, as well as other financial indicators on the official website of Xfers.
As an abbreviation, instead of "XSGD", Latin XSGD is often written. Such an entry is similar to currency codes. XSGD is a fully backed Singapore dollar stablecoin powered by open source blockchain protocols. All SGD-backed Xfers-issued stablecoins have 1:1 parity with the Singapore dollar. On our platform, your Digital Goods Wallet balance is denominated in SGD. You can either credit or debit this balance in the form of XSGD or SGD. XSGD tokens are available on two different blockchain protocols:
XSGD (ERC-20) tokens operate on the Ethereum blockchain like ERC-20 tokens and can be stored in any ERC-20 compliant wallet. XSGD (ZRC-2) tokens operate on the Zilliqa blockchain as ZRC-2 tokens and can be stored in any ZRC-2 compatible wallet. Xfers verified users can easily convert their XSGD (ERC-20) to XSGD (ZRC-2) tokens and vice versa by depositing the tokens to their Xfers deposit address and then withdrawing their SGD balance on another blockchain.
The digital asset space is growing and the current use cases for XSGD are different from the future.
Today, XSGD can be used as a stable store of value and unit of account denominated in Singapore dollars in digital asset markets. XSGD tokens can also be used to charge cross-border transaction fees and move seamlessly between physical and digital assets or as a means of payment for other digital assets. In the future, XSGD will also be used for both B2B and consumer payments. If you are withdrawing XSGD to your wallet for the first time (e.g. Moonlet, MyEtherWallet, MetaMask) and XSGD is not yet supported there, make sure you add the XSGD token address. Under its MPI e-money license, Xfers can mint an unlimited number of XSGD tokens while the corresponding fiat money is held in segregated accounts at a fully regulated MAS-approved bank. Each XSGD token is fully backed one-to-one with the Singapore dollar (SGD) and represents one SGD.
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