Xfers, a major payment institution, has today been licensed by the Monetary Authority of Singapore (MAS) to issue digital money. With the help of the Xfers platform, anyone with a bank account in Singapore can use the digital Singapore dollar (XSGD).
The Stable Coin XSGD uses the Ethereum network and the Zilliqa protocol
The digital Singapore dollar is available as an ERC-20 token or as a ZRC-2 token. The project seeks to facilitate access to financial infrastructure in Southeast Asia and is intended to promote the spread of the Singapore dollar.
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Xfers Stable Coin is designed to bring all the benefits of digital assets to XSGD holders. Transactions are immutable, transparent, decentralized, possible at any time, fast and have low fees.
In addition, the digital Singapore dollar can easily be stored in an Ethereum or Zilliqa wallet. The XSGD token thus offers a digital alternative to cash as well as the option to interact with smart contracts.
In addition, a diverse ecosystem specifically supports the XSGD token by providing access to institutional custody solutions, DeFi platforms , exchanges and blockchain analysis tools .
Finance Revolution in Southeast Asia?
Aymeric Salley, head of StraitsX, describes the new stable coin as an important step for the Southeast Asian financial system.
For us this is an important milestone in creating a trustworthy and open financial system in Southeast Asia
Aymeric Salley also emphasizes that it is time to establish an alternative to the US dollar stable coins.