Coinbase and StraitsX collaborate to launch XSGD, a Singapore dollar–pegged stablecoin, opening up SGD-denominated trading, DeFi access, and cross-border utility for global users.
Key Takeaways
- XSGD is backed 1:1 by Singapore dollars and will launch on Coinbase and Coinbase Advanced starting September 29, 2025 at 19:00 UTC, with on-chain issuance on Base.
- Release includes a liquidity pool pairing XSGD with USDC on Aerodome (on Base), with incentives from both Base and Aerodome to seed liquidity.
- XSGD is fully collateralized and redeemable on a 1:1 basis with SGD, and is recognized as compliant under Singapore’s upcoming Single Currency Stablecoin (SCS) regulation.
Coinbase and StraitsX today unveiled XSGD, a stablecoin pegged to the Singapore dollar (SGD), representing a strategic push to broaden stablecoin access beyond U.S. dollar–denominated assets and better serve Asia-Pacific users.
Liquidity support is integrated from launch: a XSGD/USDC pool will be created on Aerodrome, Base’s central liquidity hub, with ecosystem incentives to encourage trading and participation.
StraitsX, a Singapore-based payments infrastructure provider and stablecoin issuer, will oversee reserve backing and redemption. Reserves are held at reputable institutions like DBS Bank and Standard Chartered, ensuring XSGD is redeemable 1:1 with SGD.
Regulatory compliance is central to the project. XSGD meets Singapore’s forthcoming Single Currency Stablecoin (SCS) requirements, positioning it as a fully compliant stablecoin option for users and businesses in Singapore.
StraitsX and Coinbase Executives Highlight Global Impact
StraitsX CEO and co-founder Tianwei Liu highlighted the significance of unveiling the stablecoin:
"By enabling seamless, direct access to local currency stablecoins, we are breaking down the USD-centric barriers that have long limited on-chain FX markets.” he noted.
He also wrote on X (formerly Twitter) to announce the anticipated release of XSGD on Coinbase, where he emphasized that this listing is a major milestone in “expanding global access to digital Singapore dollars.”
XSGD Holds Steady Near $0.78
As of this writing (11:45AM UTC), XSGD is trading art approximately $0.78, logging a modest drop of 0.1% over the past 24 hours with intraday trading volume of about $970,710 and a market cap of approximately $11.49 million.
Circulating supply is currently 14.78 million tokens. Technical analysis shows an RSI (14) of ~52.3, suggesting a neutral-to-slightly bullish position. For a fiat-backed stablecoin, price volatility remains minimal and is mainly driven by trading activity rather than speculative swings.
What the Launch Means for Stablecoins and Global Traders
As a fully backed and compliant stablecoin, XSGD could emerge as an alternative to USD-based stablecoins in jurisdictions facing regulatory scrutiny. Early adoption will hinge on liquidity, trading activity, and transparency regarding reserves. Incentive structures on Aerodrome and Base are expected to play a critical role in building initial traction.
What’s Next
The Coinbase-StraitsX partnership marks a notable step toward regionalizing stablecoins and reducing reliance on USD-centric models. If adoption grows, XSGD may catalyze a new wave of SGD-denominated DeFi and cross-border payments.
Investors and traders will be closely watching early liquidity metrics, conversion volumes, and reserve attestation transparency. The success of XSGD could also inspire similar stablecoins pegged to other local currencies, signaling a broader trend toward localized digital financial instruments.
Summary
Coinbase and StraitsX launched XSGD, a Singapore dollar-pegged stablecoin fully backed 1:1 with SGD. It is compliant with Singapore’s upcoming Single Currency Stablecoin (SCS) rules and will be listed on Coinbase from September 29, 2025. The stablecoin will also have a liquidity pool with USDC on Aerodrome to encourage adoption. At launch, XSGD traded around $0.78 with a market cap near $11.5M.
