Crypto exchange Coinbase and StraitsX – a stablecoin-native settlement layer driving global finance and issuer of stablecoins, XUSD and XSGD – have partnered to give Coinbase users in Singapore and globally access to XSGD, which has been acknowledged by the Monetary Authority of Singapore ( MAS ) to be compliant with the upcoming Single Currency Stablecoin ( SCS ) regulatory framework.

Stablecoins are facilitating faster, cheaper and more accessible financial services, the companies say, by enabling instant local and cross-border payments. XSGD on Coinbase will unlock easier local and cross-border payments for Singaporeans and allow users to convert SGD to XSGD, one-to-one. It will also empower compliant digital asset innovation and provide local entrepreneurs with greater access to the global financial system through seamless and quick foreign exchange ( FX ) transactions.

XSGD serves as a new option in addition to USD-based stablecoins. By offering a stablecoin denominated in SGD, XSGD allows individuals and businesses to transact and manage digital assets in their local currency, promoting financial inclusion and strengthening local economic activity. It also aims to help mitigate currency risk and FX volatility in today’s interconnected global market.

Through the partnership, Coinbase and StraitsX will jointly build liquidity pools that allow users to easily exchange stablecoins across different currency corridors. XSGD will be available on Coinbase and Coinbase Advanced on September 29.

As part of the initial rollout, XSGD will also be issued on Base, the low-cost Ethereum Layer 2 Chain incubated by Coinbase, which brings FX transactions “on-chain in a decentralized, frictionless and cost-efficient manner intended to benefit consumers”.

Users will be able to access XSGD through decentralized exchanges on Base, expanding global FX access beyond existing models. A key part of this rollout will be the launch of an XSGD/USDC pool on Aerodrome, the central liquidity hub on the Base network, with liquidity incentives supported by both Aerodrome and the Base ecosystem to drive adoption and usage.

“Stablecoins are redefining how payments move across borders,” points out Hassan Ahmed, Coinbase Singapore’s country director. “With XSGD live, we’re one step closer to making local and cross-border payments instant and accessible to everyone with a phone and wallet.”