StraitsX Pilots Three Stablecoin Applications at SFF to Showcase Real-World Use Cases
by Fintech News Singapore November 3, 2022Crypto payment infrastructure company StraitsX is piloting a series of stablecoin applications at the Singapore Fintech Festival 2022 to showcase stablecoins’ real-world use cases and business benefits.
The three use cases, done in collaboration with IDEMIA, The HBAR Foundation, Mastercard and Carbonseed.Earth, leverage StraitsX’s Singapore dollar XSGD stablecoin as a means of payment.
The first enables users with limited network access to transact stablecoins using IDEMIA’s payment card and phone-embedded offline payment capabilities on HBAR’s Hedera payment network.
Meanwhile, the second use case facilitates settlements between businesses using XSGD for transactions conducted by Mastercard’s crypto card partners, bridging crypto and fiat conversions.
The third use case involves funding carbon projects on Carbonseed.Earth by issuing tokenised carbon credits, purchased through XSGD and held in blockchain wallets.
Aymeric Salley
“These applications demonstrate how stablecoins can bring forth more innovation and we are excited to collaborate with industry leaders to showcase the viability of stablecoin usage in business applications like B2B settlement, offline payments and sustainability,”
said Aymeric Salley, Head of StraitsX.
Ashok Venkateswaran
“Building on the success of our stablecoin pilots in the US and UK, we are excited to be partnering with StraitsX to continue pushing the frontier on digital assets innovation and exploring real-world benefits of stablecoins,”
said Ashok Venkateswaran, VP Digital Assets at Mastercard.
