Coinbase is partnering with StraitsX to bring the world’s first SGD-backed stablecoin to users on the platform. The token is recognized by the Monetary Authority of Singapore as compliant with the upcoming stablecoin framework.
Summary
- Coinbase will make XSGD, the world’s first SGD-backed stablecoin, available to users on the Base ecosystem.
- Users will be able to directly exchange Singaporean dollars with XSGD through the platform on a one-to-one ratio.
According to a press release sent to crypto.news, XSGD will be available to Coinbase and Coinbase Advanced users starting September 29, 2025 at 19:00 UTC. As part of the initial rollout, XSGD will also be issued on Ethereum Layer2 Chain Base.
The token has become the first stablecoin backed by the SGD, which is acknowledged by financial regulators as being compliant with the nation’s upcoming Single Currency Stablecoin regulatory framework.
In addition, the partnership between the crypto exchange and the stablecoin-native settlement layer will makes XSGD, the world’s first SGD-backed stablecoin created by StraitsX, accessible through decentralized exchanges on Base (BASE), expanding global financial access beyond existing models.
As part of this rollout, the two firms will be launching joint liquidity pools that would allow users to exchange stablecoins across different currencies. One of them includes a XSGD/USDC pool on Aerodrome (AERO), the main liquidity hub on the Base network, with liquidity incentives supported by both Aerodrome and the Base ecosystem.
How will Coinbase users access XSGD?
Starting from September 29, users will be able to directly convert Singaporean dollars into XSGD stablecoins on a one-to-one ratio through Coinbase and other decentralized exchanges on the Base ecosystem. Users will also be able to exchange different currencies and assets into XSGD through liquidity pools.
XSGD will serve as a new fiat-based alternative to the dominating USD-based stablecoins already on the market. The SGD-backed token will enable individuals and businesses in Singapore to transact and manage digital assets in their local currency. The collaboration also aims to mitigate currency risk and foreign exchange volatility.
Moreover, having access to XSGD on Base will grant users and builders the ability to unlock a variety of use cases, including usage of the stablecoin to activate AI agents, purchase digital art, as well as acquiring ‘real-world assets’ such as collectible items linked to NFTs, and powering on-chain transactions.
Country Director of Coinbase Singapore, Hassan Ahmed, said that the launch of XSGD on Coinbase is aimed at maximizing stablecoin adoption in order to change how cross-border payments are made. Thus, increasing global economic freedom.
“With XSGD live on Coinbase Singapore, we’re one step closer to making local and cross-border payments instant and accessible to everyone with a phone and wallet,” said Ahmed in his statement.
Source: https://crypto.news/coinbase-to-launch-first-sgd-stablecoin-by-straitsx/
