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XUSD is a stablecoin pegged 1:1 to the US dollar, issued by StraitsX, a licensed Major Payment Institution in Singapore. It operates on multiple blockchain networks, including Ethereum and BNB Smart Chain, facilitating swift, global, and 24/7 payments.
XUSD primarily utilizes the Ethereum blockchain, leveraging its security and smart contract capabilities. The Ethereum network uses a Proof of Stake (PoS) consensus mechanism, ensuring network security and transaction integrity. XUSD’s multi-chain operation enhances its versatility and accessibility, allowing users to bridge and exchange tokens across different blockchain networks.
The XUSD smart contract was first deployed on Ethereum in February 2024. This deployment aimed to bridge ASEAN’s financial ecosystem with the stability of the US dollar. XUSD’s compliance with Singapore’s upcoming stablecoin regulatory framework, as acknowledged by the Monetary Authority of Singapore (MAS), adds to its credibility and security.
StraitsX ensures transparency through monthly reserve attestation reports and audits by reputable firms, further solidifying XUSD’s reliability as a stablecoin.
