XSGD Goes Live: Coinbase Unveils World’s First SGD Stablecoin for 5M Users
Coinbase partners with StraitsX to launch XSGD, the first SGD-backed stablecoin, offering 1:1 conversions and cross-border payment solutions
Quick overview
- Coinbase has partnered with StraitsX to launch XSGD, the first Singapore dollar-backed stablecoin recognized by the Monetary Authority of Singapore.
- XSGD will be available to users on Coinbase and Coinbase Advanced starting September 29, 2025, and will also be issued on Coinbase's Ethereum Layer-2 blockchain, Base.
- The stablecoin allows for direct SGD-to-XSGD conversion at a 1:1 ratio and aims to enhance liquidity through multi-currency liquidity pools.
- XSGD provides a fiat-linked alternative for Singaporean businesses and individuals, reducing exposure to foreign exchange volatility and broadening stablecoin utility.
Coinbase has announced a partnership with StraitsX to introduce XSGD, the world’s first Singapore dollar–backed stablecoin. The token, recognized by the Monetary Authority of Singapore (MAS), is compliant with the country’s upcoming Single Currency Stablecoin regulatory framework.
According to Coinbase, XSGD will be available to Coinbase and Coinbase Advanced users starting September 29, 2025, at 19:00 UTC. As part of the launch, the stablecoin will also be issued on Base, Coinbase’s Ethereum Layer-2 blockchain. This makes XSGD the first SGD stablecoin accessible across both centralized and decentralized exchanges.
How Coinbase Users Will Access XSGD
For retail and institutional users, the integration provides a direct path to transact in their local currency without converting into US dollars first. Starting from the launch date, Singapore-based customers will be able to convert SGD into XSGD on a one-to-one basis via Coinbase.
To boost liquidity and encourage adoption, Coinbase, StraitsX, and Base will also roll out multi-currency liquidity pools. A key pool will feature XSGD/USDC on Aerodrome Finance, the main liquidity hub of the Base network. These pools will be supported with ecosystem-wide liquidity incentives.
Key benefits of the rollout include:
- Direct SGD-to-XSGD conversion at 1:1 ratio
- Expanded liquidity pools such as XSGD/USDC on Aerodrome
- Access to decentralized exchanges on Base
- Reduced currency risk for regional users and businesses
Broader Impact on Payments and Use Cases
The arrival of XSGD gives Singaporean businesses and individuals a fiat-linked alternative to dollar-denominated stablecoins. It also broadens stablecoin utility for cross-border payments, reducing exposure to foreign exchange volatility.
Beyond payments, Coinbase and StraitsX highlight several real-world applications:
- Enabling AI agents to operate with stable, local-currency assets
- Supporting digital art and NFT-linked collectibles
- Powering on-chain transactions with regional stability
Hassan Ahmed, Coinbase Singapore’s Country Director, said the launch underscores the company’s goal of expanding stablecoin adoption. “With XSGD live on Coinbase Singapore, we’re one step closer to making local and cross-border payments instant and accessible to everyone with a phone and wallet,” Ahmed stated.
The partnership between Coinbase and StraitsX positions XSGD as a regulatory-compliant, SGD-backed alternative that could reshape how global stablecoin markets evolve, while strengthening Singapore’s role as a digital asset hub.
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
Save