SINGAPORE, 24 May 2023 – 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 stablecoin by market capitalisation 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 decentralised 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.’
About The HBAR Foundation
Founded in 2021, the HBAR Foundation fuels development of the Hedera ecosystem by providing grants and other resources to developers, startups, and organizations that seek to launch decentralized applications in DeFi, NFTs, CBDCs, ESGs, and other sectors. In addition to providing funding through a streamlined grant process, the HBAR Foundation acts as an integrated force multiplier through expert support across technical, marketing, business development, and other operations that are required to scale. For information about the HBAR Foundation, please visit us at www.hbarfoundation.org.
StraitsX is the pioneering payments infrastructure for the digital assets space in Southeast Asia. StraitsX is a Major Payment Institution licensed by the Monetary Authority of Singapore and is part of the Fazz’s ecosystem of financial services which powers business banking in Southeast Asia. StraitsX offers personal and business account holders to mint, redeem, and swap stablecoins, manage payments as well as connect their accounts to digital asset platforms. Business accounts can also access B2B API-enabled payment rails for digital asset platforms.