News & Insights

XSGD expands multichain ecosystem with support on Hedera

Published: May 26, 2023
Author: DIGITAL MEDIA EXECUTIVE

The StraitsX Singapore Dollar (XSGD) on the Hedera network has been announced by the Southeast Asian-based StraitsX digital asset payment infrastructure.

One of the largest non-USD stablecoins by market capitalization today, XSGD has had significant adoption since its inception in October 2020 and has exceeded over 7 billion XSGD in on-chain transactions. Users can now send and receive XSGD on the Hedera network using the StraitsX platform. In the upcoming months, it is anticipated that XSGD (Hedera) will also list on international exchanges.

Hedera is a hashgraph-powered leaderless proof-of-stake (POS) network that achieves the maximum level of security (ABFT). Transactions on Hedera are lightning fast with exceptionally minimal bandwidth use, combining high throughput, cheap fees, and finality in seconds. The native, HBAR, Hedera’s energy-efficient cryptocurrency drives its decentralised economy.

Support for XSGD on the Hedera network fits in with the HBAR Foundation’s main objective of giving entrepreneurs access to the ecosystem resources they need to create and launch innovative apps on the Hedera network. End-users and applications created on the Hedera network can take advantage of XSGD on Hedera, which offers the advantages of a Southeast Asian fiat-backed stablecoin with quick cross-border settlement, high transaction scalability, and low, predictable transaction fees.

“We are thrilled to have XSGD on the Hedera network natively, contributing to a thriving ecosystem of applications that offer real-time XSGD stablecoin payments,” stated Kenny Chan, Head of StraitsX. The energy-efficient framework of Hedera will make stablecoin micropayments more practical, promoting greater financial inclusion in the area.

Sabrina”We are thrilled to be working with StraitsX to bring a hedera-native XSGD to market and add a new regulated and fully reserved stablecoin to our ecosystem,” stated Tachdjian, Head of Fintech & Payments at The HBAR Foundation. As demonstrated by our earlier POC with StraitsX, we believe XSGD will offer value to Hedera-based applications across APAC and beyond, notably in the domain of financial inclusion.

Re: StraitsX

The first payments system for digital assets in Southeast Asia is called StraitsX. StraitsX, a Major Payment Institution authorised by the Monetary Authority of Singapore, is a component in the Southeast Asian business banking industry’s financial services ecosystem known as Fazz. Stablecoins can be created, redeemed, and traded on StraitsX, and users with personal and commercial accounts can administerpayments as well as connect their accounts to digital asset platforms. Business accounts can also access B2B API-enabled payment rails for digital asset platforms.

About 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.

 

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