StraitsX Issues Singapore Dollar Stablecoin XSGD and US Dollar Stablecoin XUSD on PlatON Chain

According to The Block, PlatON has successfully integrated the compliant stablecoins XSGD (1:1 pegged to the Singapore dollar) and XUSD (1:1 pegged to the US dollar) issued by StraitsX into its network. Users can freely send, receive, and hold XSGD and XUSD on PlatON. Through collaboration with multiple stablecoin issuers and cross-border payment institutions, PlatON will provide richer payment scenarios for XSGD and XUSD, including online and offline payment network access, cross-border remittance services, and stablecoin exchange services.

It is reported that StraitsX is a major payment institution authorized by the Monetary Authority of Singapore (MAS). This collaboration with PlatON not only provides high-performance underlying infrastructure for XSGD and XUSD but also, through coordination with licensed acquiring institutions like Allinpayintl, builds a complete chain from stablecoin issuance and cross-border payments to local consumption. This facilitates the acceptance of digital currencies by merchants in regions such as Singapore and Hong Kong, allowing stablecoins to be used conveniently and securely in online and offline acquiring and settlement scenarios.