Wirex adds six stablecoins including XSGD, backed 1:1 to the Singapore Dollar (SGD)

Rick Steves

“At StraitsX, we believe ASEAN currencies denominated stablecoins will see increasing adoption and we’re delighted to see Wirex pioneering this effort with XSGD now being supported by the Wirex platform.”

wirex

Wirex has added six new stablecoins to its digital asset trading platform, including XSGD, the world’s largest non-USD fiat-backed stablecoin as it is backed 1:1 to the Singapore Dollar (SGD).

The new tokens now available are STASIS EURO (EURS), True (TUSD), USD Coin, (USDC), Tether (USDT), USDP and XSGD. The latter gets more attention as it is Wirex’s first APAC-based stablecoin, a token created to help realize the vision of a regulated and decentralized financial system in Singapore.

XGSD is available on the StraitsX platform developed by Xfers Pte. Ltd, a major Southeast Asian payment processing gateway that is licensed by the Monetary Authority of Singapore under the e-money framework and adopts recommendations from the Financial Action Task Force.

XGSD allows users to receive the benefits of crypto such as faster payments and lower transaction fees while knowing their funds are secure and regulated.

In Singapore, the popular LINK and UNI tokens, as well as XSGD, will also be available for users, where Singaporeans can perform a bank transfer of SGD to Wirex using StraitsX to convert to XSGD.

Pavel Matveev, CEO and Co-Founder of Wirex, commented: “Wirex was founded with a mission to make crypto open to all, so it’s vital to offer a wide variety of tokens to suit all users, regardless of their lifestyle and experience with crypto. Stablecoins such as XSGD are a great option for those new to crypto as they are pegged to a stable asset, keeping the value more consistent over time while still offering users the benefits of crypto.”

Aymeric Salley, Head of StraitsX, said: “At StraitsX, we believe ASEAN currencies denominated stablecoins will see increasing adoption and we’re delighted to see Wirex pioneering this effort with XSGD now being supported by the Wirex platform. We look forward to users being able to spend XSGD via the Wirex card.”

The six new tokens will sit alongside DAI, the first stablecoin to be integrated into the Wirex platform in 2019. With over 4.5 million users already, the platform gives users the ability to buy, hold, exchange, sell multiple traditional and cryptocurrencies, which can be spent with the world’s first crypto-enabled prepaid card.

FinanceFeeds webinar: Expert panel to discuss market data for multi-asset brokerages  

Wirex launched crypto wallet for the masses

In December 2021, the firm launched the Wirex Wallet, a “mass-market non-custodial” crypto wallet in a move that solidifies the crypto-friendly digital payments company’s position in digital assets and DeFi. It allows users to manage more than 100 different cryptocurrencies from their mobile device.

The app relies on biometrics for access instead of keys and provides access to DeFi and NFTs, purchases of WXT and other crypto using debit and credit card, cross-chain swaps across Bitcoin and Ethereum blockchains, with expansion to Solana and other blockchains on the roadmap.

Read this next

Inside View

Private Equity Renaissance

Recent years have seen a resurgence in the concept of trading physical equities, with a slew of new arrivals joining the market for what is arguably one of the oldest forms of investing. But what has been the driving force behind this change in momentum?

Digital Assets

Dubai introduces new crypto regulations with fines of up to $135,000

Against the backdrop of a crashing market and burned investors, Dubai has sealed a landmark rulebook that governs how the Emirate will regulate cryptocurrency activities.

Institutional FX

FX volume drops 16pct at Russia’s largest exchange in January

The Moscow Exchange, Russia’s largest exchange group, released its monthly batch of trading volumes and metrics for January 2023 – the latest readings showed a pullback across the board for multiple segments, namely in the FX, given lower volatility and a reduced trading schedule.

Institutional FX

Standard Chartered sets up wholly-owned brokerage arm in China

UK-headquartered bank Standard Chartered said its Hong Kong arm has been granted an in-principle approval for a brokerage license from the China Securities Regulatory Commission (CSRC).

Digital Assets

Revolut offers staking for Ether, Cardano, Polkadot, and Tezo

British fintech and banking firm Revolut has introduced crypto staking — a practice of earning rewards for serving as a transaction validator in the Ethereum blockchain – to its UK and European Economic Area (EEA) customers.

Inside View

Saxo releases Q1 2023 Quarterly Outlook: “The Models Are Broken”

“2023 is likely to prove a rough ride for currencies if the USD bear market fails to continue in a straight line, but EUR and JPY may outperform.”

Institutional FX

FXPA welcomes Mesirow as a member of the institutional FX industry body

“Our deep commitment to advancing best practices align well with FXPA’s goals of championing a robust FX market for all industry participants.”

Industry News

ICE delivers Russian-free barrels of ICE Gasoil and expands ESG data in APAC

ICE changed the methodology for Low Sulphur Gasoil futures from previously delivering diesel from any origin, to deliver diesel that does not include any originating from Russia. ICE Gasoil is the global benchmark for refined oil products.

Digital Assets

Gate.io taps Coinfirm for AML/CFT compliance amid licenses in the US, Europe, Hong Kong

“At Gate.io, we continuously strive to mitigate AML/CFT and counterparty risks by integrating best-in-class security measures and safeguards into every part of our operations.”

<