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