Coinbase is introducing Singapore dollar stablecoins to its platform through a partnership with licensed issuer StraitsX.
The StraitsX stablecoin, XSGD, will be available on Coinbase alongside USD-based stablecoins, facilitating easier local and cross-border payments for Singaporeans. Users will be able to convert SGD to XSGD at a one-to-one ratio.
As part of the initial rollout, XSGD will also be issued on Base, Coinbase’s low-cost Ethereum Layer 2 Chain, which enables decentralized foreign exchange transactions. A notable feature will be the launch of an XSGD/USDC pool on Aerodrome, the central liquidity hub on the Base network. This will include liquidity incentives from both Aerodrome and the Base ecosystem to encourage adoption and usage.
XSGD on Base will create various new use cases for users and developers in their local currency, such as enabling AI agents to engage on the blockchain, purchasing digital art, acquiring tokenized assets connected to NFTs, and facilitating on-chain FX transactions.
Tianwei Liu, CEO and co-founder of StraitsX, stated, “The launch of XSGD on Coinbase is a significant advancement, not just for Singapore, but for the entire digital asset ecosystem. By providing seamless, direct access to local currency stablecoins, we are dismantling the USD-centric barriers that have historically restricted on-chain FX markets.”