What is XSGD (XSGD)?
XSGD is a digital form of the Singapore Dollar created by StraitsX and powered by both – Ethereum and Zilliqa blockchains. It is 100% backed by its physical currency, SGD. This means the XSGD price will always be equivalent to the SGD price. XSGD comes in two token formats – ERC-20 and ZRC-2.
Each XSGD token is backed by one Singapore Dollar held in a Singapore bank. Besides, XSGD tokens can be exchanged directly for Singapore dollars on the platform. Overall, they provide fast, reliable, and affordable transactions through Ethereum and Zilliqa networks. The live XSGD price is displayed on the chart above.
Use Cases of XSGD Tokens
For starters, the main use case of XSGD crypto assets is transacting the Singapore Dollar across the blockchain. This means users can make global, instant, and low-cost transfers of Singapore Dollars without any intermediaries.
Moreover, XSGD tokens can be used in various DeFi protocols. This includes swapping the token or providing liquidity.
Lastly, XSGD coins can be moved across multiple blockchains and applications supported by StraitsX.
Note that, even though XSGD is a stablecoin, the XSGD price tends to fluctuate a bit. However, it still stays close to the SGD price.
Who Founded XSGD?
Xfers, a payments leader based in Singapore, is the issuer of XSGD tokens which are circulated through StraitsX. Having been granted the license of a Major Payment Institution by MAS (Monetary Authority of Singapore), Xfers has permission to produce an infinite amount of these digital assets in line with its e-money issuance framework.
XSGD Tokenomics
XSGD, being a stablecoin, has no maximum supply, or distribution schedule. This is because the tokens are minted as needed by users, and each token must be backed by a physical asset, in this case, the SGD fiat currency. You can always keep up with the live XSGD price on the chart above.
