Coinbase has announced that it will list AUDD and XSGD, two fiat-backed local stablecoins, beginning September 29 at 19:00 UTC. This marks the platform’s first introduction of stablecoins tied to the Australian dollar and the Singapore dollar, with trading globally accessible and no regions geo-blocked.
The initiative is part of Coinbase’s broader strategy to onboard a billion users into the cryptocurrency ecosystem by allowing transactions in familiar currencies. Users in Australia and Singapore will enjoy fee-free conversions from AUD to AUDD and SGD to XSGD, enhancing their trading experiences.
The stablecoin market is witnessing remarkable growth, having surpassed a market capitalization of $250 billion by June 2025—a staggering 50% increase from the previous year. In 2024, stablecoins facilitated over $30 trillion in transactions, with projections suggesting they could evolve into a $2 trillion asset class in the near future.
This growth has piqued the interest of businesses as well. According to Coinbase’s State of Crypto report, 81% of small and mid-sized U.S. businesses with crypto awareness expressed a desire to integrate stablecoins into their payment systems. Additionally, the number of Fortune 500 companies exploring stablecoins has more than tripled over the past year.
However, the dominance of the U.S. dollar in the on-chain economy remains a challenge, with approximately 60% of global currency reserves held in USD and 99% of circulating stablecoins pegged to it. This creates significant barriers for users outside the U.S. looking to transact in their local currencies. The introduction of AUDD and XSGD aims to address this issue. A survey conducted by Ipsos for Coinbase found that over 70% of crypto owners in Australia and Singapore are in favor of adopting local stablecoins for practical use.
Coinbase highlighted that the addition of these stablecoins will enable users to circumvent foreign exchange fees, decrease transfer friction, and provide businesses with more efficient mechanisms for settling cross-border transactions. The company remarked, “Local currency stablecoins are key to unlocking new opportunities for consumers and businesses in their day-to-day operations.”
Both AUDD and XSGD are backed by real-world assets and have received regulatory approvals. The Australian Digital Dollar (AUDD) is issued by AUDC Pty Ltd and is fully backed by fiat reserves, redeemable 1:1 with the Australian dollar. It is particularly geared towards institutions seeking stable, programmable finance options. Meanwhile, XSGD is issued by StraitsX, pegged to the Singapore dollar, and has received the green light from the Monetary Authority of Singapore (MAS). It meets the requirements of the upcoming Single Currency Stablecoin (SCS) regulatory framework, distinguishing itself as one of the few local stablecoins with robust regulatory credentials.
Both tokens are designed for more than merely storing value; they aim to integrate seamlessly into commerce systems that utilize AI agents to execute transactions for data and services autonomously, without the need for prior approvals. Trials for these applications are already underway in Australia and Singapore, positioning these countries at the forefront of real-world cryptocurrency utilization.
