Quick Breakdown:
- Coinbase to list XSGD stablecoin on Sept 30 at 3 a.m. Singapore time for users in Singapore and worldwide
- XSGD is fully backed 1:1 by reserves with DBS Bank and Standard Chartered and meets Singapore’s upcoming Single Currency Stablecoin rules
- Partnership targets real-time local and cross-border payments as Asia’s cross-border commerce is projected to exceed US$4 trillion by 2030
Coinbase will begin offering the Singapore dollar-backed stablecoin XSGD on September 30, giving users in Singapore and worldwide direct access to the region’s first fully regulated SGD-pegged digital asset. The listing, announced Wednesday, follows a partnership between Coinbase and StraitsX, the stablecoin’s issuer, and will be available on both Coinbase and Coinbase Advanced from 3 a.m. local time.
🚀 $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
XSGD is fully backed 1:1 by reserves held with DBS Bank and Standard Chartered and has been recognized by the Monetary Authority of Singapore (MAS) as compliant with the upcoming Single Currency Stablecoin regulatory framework. StraitsX, a major payment infrastructure provider, first launched XSGD in 2020 and holds multiple major payment institution (MPI) licenses from MAS.
Boost for Asia’s stablecoin market
The rollout underscores Singapore’s ambition to strengthen its foothold in the US$250 billion global stablecoin market, where competitors like Hong Kong are also seeking a regulatory edge. Stablecoins, which maintain a fixed value by pegging to fiat currencies or assets, account for roughly 7% of the cryptocurrency market, according to BlackRock. By supporting a Singapore dollar stablecoin, Coinbase is enabling faster and cheaper on-chain FX transactions that reduce reliance on USD-pegged tokens.
Cross-border payments and on-chain FX
Coinbase and StraitsX said XSGD will power real-time local and cross-border payments, improving financial accessibility across Asia. Cross-border commerce in the region is projected to exceed $ 4 trillion by 2030, creating strong demand for regulated and transparent settlement solutions. “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,” said Liu Tianwei, StraitsX co-founder and CEO.
Meanwhile, Coinbase has completed its acquisition of Deribit, the world’s leading crypto options exchange. Deribit, which handled more than $1 trillion in trades last year and currently oversees about $60 billion in open interest, reported record activity in July 2025.
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