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StraitsX

Issuer of the XSGD and XUSD stablecoins; MAS Major Payment Institution

SingaporeIndustry

About

StraitsX is a Singapore-based stablecoin and payments company. Its co-founders include Chief Executive Tianwei Liu, Victor Liew, Samson Leo and Tianyao Liu. It issues XSGD, a Singapore dollar stablecoin that has been in use since October 2020, along with XUSD (US dollar) and XIDR (Indonesian rupiah). XSGD was issued through Xfers Pte. Ltd.

StraitsX holds a Major Payment Institution licence from MAS. It says its stablecoins are fully backed by reserve assets, redeemable one-for-one, and covered by monthly attestation reports from ISCA-listed audit firms. XSGD runs on several blockchains, including Ethereum, Polygon, Solana, Arbitrum and Base. The company also provides stablecoin card programmes, cross-border payments and settlement services.

StraitsX has taken part in MAS's stablecoin rule-making. Its issuing entity, Xfers, responded to MAS's 2022 stablecoin consultation. It supported limiting the framework to asset-backed single-currency stablecoins and asked how the rules would apply to overseas issuers. In November 2023 StraitsX received in-principle approval from MAS to issue XSGD and XUSD under the single-currency stablecoin framework. It is therefore one of the issuers most directly affected by the September 2026 proposals to put that framework into the Payment Services Act.

Policy engagement

Received MAS in-principle approval in November 2023 to issue XSGD and XUSD under the single-currency stablecoin framework, among the first issuers MAS recognised as substantively compliant with it.

Source: StraitsX, 16 Nov 2023: MAS in-principle approval

Key actions

  1. XUSD, its US dollar stablecoin, began trading on Binance against USDT.

    Source

  2. Received MAS in-principle approval as a Major Payment Institution to issue XSGD and XUSD under the single-currency stablecoin framework.

    Source

  3. MAS published Xfers Pte. Ltd.'s submission supporting a stablecoin framework focused on asset-backed single-currency stablecoins.

    Source

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