StraitsX, a Singapore-licensed stablecoin issuer and digital payment infrastructure provider, has partnered with Standard Chartered to strengthen the reserve management of its U.S. Dollar (XUSD) and Singapore Dollar (XSGD) stablecoins.
Standard Chartered will provide cash management and custody services for the reserve assets backing the stablecoins, acting as one of StraitsX’s banking partners.
The collaboration aims to enhance the security, transparency, and scalability of StraitsX’s digital payment solutions, facilitating seamless access to XUSD and XSGD for businesses and individuals.
Standard Chartered’s involvement brings institutional-grade reliability to the stablecoins.
Both XUSD and XSGD are fully backed stablecoins, issued in compliance with the Monetary Authority of Singapore’s (MAS) upcoming stablecoin regulatory framework.
The partnership leverages Standard Chartered’s global banking expertise and broader role in digital assets, aiming to build trust within the digital asset ecosystem.
“At StraitsX, we believe that trust, transparency, and regulatory alignment are fundamental to the mainstream adoption of digital assets. Our collaboration with Standard Chartered, a global leader with a deep legacy in finance, marks a significant step in enhancing the security and resilience of our stablecoin ecosystem.
This partnership not only reinforces the reliability of XUSD/XSGD but also provides businesses and financial institutions with a trusted, well-regulated bridge into digital assets, accelerating their integration into global commerce and payments.”
said Jason Tay, Head of Commercial at StraitsX.
“This partnership further expands Standard Chartered’s wide-ranging involvement across the digital asset ecosystem, reinforcing our role in supporting responsible growth within the industry as well as the bank’s regard for digital assets as an important and permanent part of the future of financial services.
We look forward to working closely with StraitsX and the growing ecosystem to enhance essential payment rails that make digital financial services more accessible and efficient,”
said Luke Boland, Head of Fintech, Asia at Standard Chartered Bank.
Featured image credit: Edited from Freepik
