Singapore’s digital asset sector took a major step forward this week as Coinbase announced the launch of XSGD, the first Singapore dollar-backed stablecoin recognized by the Monetary Authority of Singapore (MAS). The rollout is being carried out in partnership with StraitsX, one of the country’s leading digital payments platforms.
XSGD will debut on Coinbase’s global exchange on 29 September at 19:00 UTC, with trading supported on both Coinbase and Coinbase Advanced. The token will be pegged one-to-one to the Singapore dollar, enabling users to hold and transact in local currency without relying on U.S. dollar conversions.
A Boost for Cross-Border Payments
Hassan Ahmed, Country Director of Coinbase Singapore, highlighted the impact of the new listing:
“Stablecoins are redefining how payments move across borders. With XSGD live on Coinbase Singapore, we’re one step closer to making local and cross-border payments instant and accessible to everyone with a phone and wallet.”
The integration of XSGD aims to reduce exposure to currency volatility and expand access to efficient foreign exchange (FX) transactions. StraitsX confirmed that the token will support both domestic payments and global FX settlement, making it a practical tool for businesses and individuals alike.
Powered by Coinbase’s Layer 2 Network
As part of the launch, XSGD will also be issued on Base, Coinbase’s Ethereum Layer 2 network. This move opens the door for decentralized FX trading, with plans for liquidity pools such as an incentivized XSGD/USDC pool on Aerodrome, Base’s central liquidity hub.
Tianwei Liu, Co-Founder and CEO of StraitsX, noted:
“By enabling seamless, direct access to local currency stablecoins, we are breaking down the USD-centric barriers that have long limited on-chain FX markets.”
Regulatory Foundation in Singapore
Both Coinbase and StraitsX are operating under Singapore’s stringent licensing framework. Coinbase secured its Major Payment Institution license in 2023, while StraitsX obtained multiple licenses in 2024. This regulatory clarity provides confidence to institutional and retail participants in adopting the new stablecoin.
The listing of XSGD is part of Coinbase’s wider Asia-Pacific expansion strategy, with more StraitsX-linked products expected in the coming months. For Singapore, it represents a milestone in integrating blockchain-based payment solutions into the regulated financial system.
🚀 $XSGD is coming on @coinbase!
Our Singapore Dollar-backed stablecoin is going to be available on one of the world’s most trusted cryptocurrency exchanges.
Get ready to trade, hold, and transfer XSGD on @CoinbaseSG on 29 September 2025 (19:00 UTC).
With over 8.7 billion… pic.twitter.com/yIyXcVNFAo
— StraitsX (@StraitsX) September 24, 2025