Coinbase Users Will Soon Be Able to Access and Trade XSGD Stablecoin

Crypto exchange Coinbase is adding the Singapore dollar-backed XSGD to its platform, giving users access to the MAS-recognised stablecoin.

The move follows a partnership with Singapore-based StraitsX and marks the first time the Singapore dollar stablecoin will be available to Coinbase users globally. This forms part of Coinbase’s ongoing APAC expansion.

XSGD, issued by StraitsX, is pegged one-to-one to the Singapore dollar and has been recognised under the Monetary Authority of Singapore’s upcoming Single Currency Stablecoin regulatory framework.

It joins Coinbase’s existing roster of US dollar-based stablecoins and offers individuals and businesses a local currency option for trading and payments.

The token will go live on Coinbase and Coinbase Advanced from 10:00 AM Singapore time on 1 October and will also be issued on Base, Coinbase’s low-cost Ethereum Layer 2 chain.

Users will be able to access XSGD through decentralised exchanges on Base.

This is aimed at enabling decentralised foreign exchange transactions and on-chain liquidity pools such as the initial XSGD/USDC pool launching on Aerodrome, with liquidity incentives supported by both Aerodrome and the Base ecosystem.

Coinbase and StraitsX will jointly build liquidity pools across different currency corridors.

The listing is intended to support more efficient local and cross-border payments and FX transactions, while offering builders new ways to integrate Singapore dollar-denominated stablecoins into digital asset services.

Both companies are licensed Major Payment Institutions in Singapore.

Hassan Ahmed, Country Director of Coinbase Singapore, said,

“Stablecoins are redefining how payments move across borders. 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.
Enabling easy, quick FX transactions brings more of our users across the globe closer and gives them greater access to the global financial system – supporting our mission of increasing economic freedom.”

Tianwei Liu, CEO & Co-Founder of StraitsX, said,

“The launch of XSGD on Coinbase is a big step forward, not just for Singapore, but for the entire digital asset ecosystem. 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.
This partnership brings us closer to a truly multi-currency and frictionless global financial system that we’ve been building toward since day one.”

Editor’s Note: This article has been updated to reflect the revised launch timing of XSGD on Coinbase, now set for 1 October at 10:00 AM Singapore time.

See more of Tianwei Liu’s views on stablecoins in our webinar replay here.