XSGD The first Southeast Asian stablecoin backed by money to be introduced on Hedera’s carbon-negative network.
The StraitsX Singapore Dollar (XSGD) on the Hedera network has been announced by the Southeast Asian-based StraitsX digital asset payment infrastructure.
One of the largest non-USD stablecoins by market capitalization today, XSGD has had significant adoption since its inception in October 2020 and has exceeded over 7 billion XSGD in on-chain transactions. Users can now send and receive XSGD on the Hedera network using the StraitsX platform. In the upcoming months, it is anticipated that XSGD (Hedera) will also list on international exchanges.
Hedera is a hashgraph-powered leaderless proof-of-stake (POS) network that achieves the maximum level of security (ABFT). Transactions on Hedera are lightning fast with exceptionally minimal bandwidth use, combining high throughput, cheap fees, and finality in seconds. The native, low-energy coin of Hedera that drives the decentralized economy is called HBAR.
Support for XSGD on the Hedera network fits in with the HBAR Foundation’s main objective of giving entrepreneurs access to the ecosystem resources they need to create and launch innovative apps on the Hedera network. End-users and applications created on the Hedera network can take advantage of XSGD on Hedera, which offers the advantages of a Southeast Asian fiat-backed stablecoin with quick cross-border settlement, high transaction scalability, and low, predictable transaction fees.
“We are thrilled to have XSGD on the Hedera network natively, contributing to a thriving ecosystem of applications that offer real-time XSGD stablecoin payments,” stated Kenny Chan, Head of StraitsX. “The energy-efficient framework of Hedera will make stablecoin micropayments more practical, promoting greater financial inclusion in the area.”
“We are thrilled to be working with StraitsX to bring a hedera-native XSGD to market and add a new regulated and fully reserved stablecoin to our ecosystem,” stated Sabrina Tachdjian, Head of Fintech & Payments at The HBAR Foundation. As demonstrated by our earlier POC with StraitsX, we believe XSGD will offer value to Hedera-based applications across APAC and beyond, notably in the domain of financial inclusion.
Source: FinTec Buzz