Singapore’s stablecoin market took a step forward this week as Coinbase partnered with StraitsX to launch XSGD, the first Singapore dollar-backed stablecoin reportedly recognized by the Monetary Authority of Singapore (MAS).
The rollout broadens Coinbase’s stablecoin offering and introduces new cross-border payment options for users. According to the announcement, XSGD will be listed on Coinbase, with trading set to open at 19:00 UTC on 29 September.
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Coinbase and StraitsX Join Forces
The stablecoin will be available on both Coinbase and Coinbase Advanced, marking the exchange’s first listing of an SGD-pegged digital asset.
“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,” Hassan Ahmed, Country Director of Coinbase Singapore, commented.
“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,” he explained.
???? $XSGD is coming on @coinbase! Our Singapore Dollar-backed stablecoin is going to be available on one of the world’s most trusted cryptocurrency exchanges. Get ready to trade, hold, and transfer XSGD on @CoinbaseSG on 29 September 2025 (19:00 UTC). With over 8.7 billion… pic.twitter.com/yIyXcVNFAo
— StraitsX (@StraitsX) September 24, 2025
XSGD is reportedly pegged one-to-one to the Singapore dollar and allows users to transact in local currency without converting into US dollars. StraitsX said the token would support both domestic payments and global foreign exchange transactions, reducing exposure to currency volatility.
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As part of the rollout, XSGD will also be issued on Base, Coinbase’s Ethereum Layer 2 network. The integration aims to enable decentralized FX trading and liquidity pools, including an incentivized XSGD/USDC pool on Aerodrome, Base’s central liquidity hub.
At @coinbase we're excited to support non-USD stablecoins to bring nation-states onchain.I'm pleased to share @coinbase will be listing XSGD, Singapore's premier local stablecoin issued by @StraitsX@CoinbaseSG users will be able to redeem SGD <> XSGD 1:1 to support payments,…
— hassan.cbsg ????️???????? (@Hassan_NY) September 24, 2025
Regulatory Backing in Singapore
Both firms operate under Singapore’s licensing regime. Coinbase has held a Major Payment Institution license since 2023, while StraitsX obtained multiple licenses in 2024.
“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,” added Tianwei Liu, the CEO & Co-Founder of StraitsX.
Coinbase described the partnership as part of its ongoing Asia-Pacific expansion. The exchange said more products and services linked to StraitsX will be announced in the coming months. The listing of XSGD adds a Singapore dollar option to Coinbase’s stablecoin roster.
More on stablecoins:
This article was written by Jared Kirui at www.financemagnates.com.
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