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

Digital Assets

TRON approves Wintermute to mint, burn USDD stablecoin

TRON Reserve DAO has welcomed crypto market-making giant Wintermute as the ninth member and whitelisted institution to mint Tron network’s stablecoin, Decentralized USD (USDD).

Metaverse Gaming NFT

Nas Academy and Invisible College introduce innovative model for Web3 education

Singapore-based online learning platform, Nas Academy is joining forces with Invisible College to teach people everything they need to know about the Web3.

Digital Assets

Top exec at BitMEX pled guilty US Bank Act violations, pays $150K fine

BitMEX’s head of business development, Gregory Dwyer pled guilty to violating the US Bank Secrecy Act (BSA) and allowing customers to use the platform to circumvent the federal anti-money laundering rules.

Retail FX

CySEC slaps €150,000 fine on FXBFI, operator of 101investing brand

The Cyprus Securities and Exchange Commission (CySEC) today announced that it has reached a settlement with FXBFI Broker Financial Invest Ltd, trading as 101investing, ordering the firm to pay €150,000 for violating the Investment Services and Activities and Regulated Markets Law.

Retail FX

X Open Hub expands multi-asset offering with new cryptocurrencies and indices

X Open Hub, a multi-asset liquidity provider, announced today that it has extended its offering with inclusion of 30 new cryptocurrencies and two emerging market indices.

Retail FX

Interactive Brokers now offers 24/7 access to crypto trading

Interactive Brokers Group, Inc. (NASDAQ: IBKR) has widened access to cryptocurrency trading for its clients. Specifically, the discount broker extended trading hours for its cryptocurrency products to be traded 24/7, including on the weekends.

Inside View

Natural Language Generation for Multi-Language Social Media Strategies 

Natural Language Generation (NLG) is a crucial growth area in the digital landscape, with the unique potential to be used across multiple industries.

Market News, Technology

The B2Core Android App is Now Available For Download

The first version of the B2Core Android app is available for download, and it has many beneficial features for users.

Digital Assets

XBO taps custodian Fireblocks ahead of crypto exchange’s launch

XBO.com has integrated with digital asset and crypto technology platform Fireblocks ahead of the crypto exchange’s upcoming launch.

<