Leading digital payment provider StraitsX has introduced its Singapore dollar-pegged stablecoin (XSGD) on the XRP Ledger, following a partnership with Ripple.
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Ripple announced the development yesterday, with The Crypto Basic also confirming the move in an X post.
The move aligns with the company’s efforts to cater to users’ demands for multi-chain stablecoins capable of facilitating cross-border settlements. This demand has soared recently following expectations that economic activity in Asia could skyrocket massively in the coming years.
The press release estimates that cross-border commerce in Asia could hit $4 trillion by 2030, five years from now. Based on this projection, payment stablecoins like XSGD are expected to experience increased demand and eventually lay the foundation for the next phase of payment innovation in the region.
Strategic Partnership between Ripple and StraitsX
Meanwhile, StraitsX disclosed that the launch was part of a broader strategic partnership with Ripple. The rollout is expected to occur in phases, beginning with XSGD’s integration into the XRPL.
This launch will give retail users, developers, and institutions open and permissionless access to a regulated Singapore dollar stablecoin like XSGD. Users can leverage XSGD for cross-border transactions, programmable financial flows, and on-chain settlements.
Notably, StraitsX is expected to activate the second phase of the launch next month, in June 2025. By then, the payment provider will make XSGD available for institutional use.
This planned launch will enable merchant settlements, programmable payouts, and compliance-ready integrations across various financial flows. The rationale behind these deployments is to bridge businesses’ regulatory and operational needs with the speed and flexibility of digital assets.
XSGD Availability
StraitsX, which is licensed by the Monetary Authority of Singapore (MAS), has been issuing XSGD since 2020. At the moment, XSGD is available on multiple blockchains, such as Ethereum, Polygon, Arbitrum, Avalanche, Zilliqa, and Hedera. With StraitsX debuting XSGD on XRPL, the stablecoin is now available on seven blockchains.
Notably, StraitsX claims that each XSGD is fully backed 1:1 by cash reserves held at two major financial institutions–Standard Chartered and DBS Bank.
It boasts a total supply of 83.61 million tokens, with 13.62 million currently circulating. At press time, its market cap was down 3.23% over the past 24 hours to $10.51 million.
Ripple Exec Reacts
Commenting on the development, Ripple’s APAC Managing Director Fiona Murray stated that the launch of XSGD on XRPL underscores the importance of digital assets like stablecoins in global payments.
Fiona expressed excitement about Ripple’s partnership with StraitsX, noting that it is pivotal, particularly as ‘several institutions and developers seek to build financial applications on-chain.’
In the meantime, the XRP Ledger is gradually providing the necessary infrastructure for top stablecoins following the debut of XSGD.
Last year, Ripple launched its dollar-pegged Ripple USD (RLUSD) stablecoin on the blockchain. In addition, the company partnered with Société Générale’s digital asset subsidiary, SocGen Forge, to introduce a Euro-backed stablecoin on XRPL.
DisClamier:
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