XSGD, the sole stablecoin backed by the Singapore dollar, made its debut on Coinbase, the largest US-based cryptocurrency exchange, on October 1 as demand for blockchain-based assets gains traction, Channel News Asia reports.
Issued by StraitsX since 2020, XSGD is pegged 1:1 to the dollar and fully backed by reserves held with DBS and . Its listing on underscores growing global interest in stablecoins, which account for about 7% of the crypto market, according to BlackRock.
The global stablecoin market has climbed to and could expand eightfold to by 2028, estimates. Appetite for these digital tokens, seen as less volatile than traditional cryptocurrencies, has risen alongside dovish signals in global monetary policy.
has positioned itself as a key hub for stablecoin innovation. In 2023, the introduced a regulatory framework for issuers and is now preparing legislative amendments to formalise the rules, with a public consultation expected later this year.
XSGD’s listing is seen as a step that could further accelerate adoption both in and internationally, as regulators and institutions explore wider use cases for stable digital assets.
