Coinbase has teamed up with StraitsX to introduce XSGD, a stablecoin backed 1:1 by the Singapore dollar (SGD) that is set to expand the digital financial landscape in the Asia-Pacific region. The stablecoin will be made available via Coinbase and decentralized exchanges operating on the Ethereum Layer 2 network, Base, with full access beginning on September 29, 2025.
The launch of XSGD aims to diversify the global stablecoin market by providing a non-USD pegged option that caters specifically to users in Singapore and neighboring areas. First issued in 2020, XSGD is backed by reserves held at reputable banks including DBS Bank and Standard Chartered, ensuring its 1:1 value proposition is upheld. This collaboration also aligns with Singapore’s digital asset regulations, as XSGD complies with the forthcoming Single Currency Stablecoin framework endorsed by the Monetary Authority of Singapore (MAS). The MAS’s recognition of the stablecoin enhances trust and provides regulatory clarity, potentially facilitating higher adoption rates within the financial ecosystem.
The collaborative efforts of StraitsX and Coinbase leverage regional expertise and global infrastructure, respectively, offering a robust platform for the growth of digital currencies in the APAC region. Users will benefit from seamless conversion of SGD into XSGD through Coinbase, significantly reducing friction in the transition from fiat to crypto.
From September 29, 2025, XSGD will be available on both Coinbase and Coinbase Advanced, operating on Base, which is designed to enable fast and cost-efficient transactions. In conjunction with this rollout, joint liquidity pools are set to launch, including a significant XSGD/USDC pool on Aerodrome Finance, a key liquidity hub on Base. The introduction of these pools will facilitate stablecoin swaps across various fiat currencies without requiring users to exit the decentralized ecosystem, thereby enhancing trading flexibility.
XSGD not only provides users the ability to manage their digital assets in SGD, minimizing their exposure to currency fluctuations, but it also equips individuals and businesses in Southeast Asia with more relevant financial tools. This move opens up options for stablecoin solutions that can adapt to regional needs.
Moreover, the potential applications of XSGD extend beyond mere currency exchange. It holds the promise of powering artificial intelligence tools, facilitating digital art purchases, and enabling the on-chain acquisition of physical assets, thus transforming it into more than just a stable store of value.
Coinbase and StraitsX envision that XSGD will become central to both local and cross-border payment systems, empowering users worldwide to transact in SGD via digital wallets and blockchain technology. This partnership lays the groundwork for innovative developments in the stablecoin landscape, focusing on regulatory compliance and regional significance.
