Introducing XSGD — the Singapore Dollar-backed and Travel Rule¹ compliant stablecoin

Now available on the Xfers platform!

Aymeric Salley
Oct 5, 2020 · 4 min read

This story can now be found on: https://www.xfers.com/sg-blog/introducing-xsgd-the-singapore-dollar-backed-and-travel-rule1-compliant-stablecoin

We are excited to announce the public release of XSGD, the world’s first Travel Rule¹ compliant stablecoin, backed 1:1 with the Singapore Dollar (SGD)! This marks a major milestone for the StraitsX initiative and brings us closer to our vision of creating the trusted and open financial system in Southeast Asia.

TLDR: you can already log in here with your verified Xfers account to whitelist your blockchain address and convert SGD to XSGD and vice versa.

Liquid, Compliant & Secure

Xfers is a Major Payment Institution license (“MPI”) for e-money issuance licensed by the Monetary Authority of Singapore (MAS), which means that:

  • Unlimited amounts of XSGD tokens can be minted by Xfers under its e-Money issuance license.
  • All XSGD tokens are backed 1:1 with Singapore Dollars held in Xfers’ reserve.
  • All funds are safeguarded in segregated accounts with a fully regulated MAS-approved bank.

With MAS adopting the guidelines of the Financial Action Task Force’s (FATF) Travel Rule recommendations into the new Payment Services Act, we implemented controls & procedures in the following ways to ensure that XSGD transactions off the Xfers platform comply with the PSN01 guidelines stated:

Overall, this makes XSGD not only safe and secure for users — but also the world’s first stablecoin to be Travel Rule¹ compliant.

Easy-to-use Tokenization Platform

Ease of converting SGD to XSGD

With the public launch of XSGD, our tokenization platform is now open to any Xfers verified user. Starting today you can now use your Xfers account directly to:

Extensive Ecosystem Partners

We’ve partnered with a comprehensive ecosystem of partners to maximise availability and use cases for the XSGD token. XSGD is strategically supported by platforms ranging from non-custodial wallet solutions to institutional custodians, exchanges, DeFi, and Blockchain analytics tools.

XSGD ecosystem partners
  • Personal wallets: ImToken, Ledger Nano S, MyEtherWallet, Moonlet, TokenPocket, Trust Wallet, Zillet
  • Institutional Wallets & Custody Solutions: BitGo, Fireblocks, Ledger Vault, Onchain Custodian
  • Exchanges & Trading: Coinhako, Crypto.com Singapore, Liquid, Tokenize Exchange, Sparrow Exchange, QCP Capital
  • Decentralised Finance (DeFi) platforms: DEXTF, Hodlnaut, Kyber, Unagii.com, Uniswap, Zilswap
  • Blockchain analytics: Elliptic, Etherscan, Merkle Science, Viewblock

XSGD is currently available on the Ethereum protocol as ERC-20 tokens and the Zilliqa protocol as ZRC-2 tokens. Both smart contracts have been audited by Quantstamp, a smart contract security audit firm based out of San Francisco, California.

XSGD ERC-20 contract address: 0x70e8de73ce538da2beed35d14187f6959a8eca96

XSGD ZRC-2 contract address: zil180v66mlw007ltdv8tq5t240y7upwgf7djklmwh

What’s next?

We are currently working to expand our ecosystem even further, and will continue to improve our tokenization platform as we gather user feedback along the way.

We are confident that the public release of XSGD will benefit our users and help accelerate financial access in Southeast Asia. Get started now by logging in to our dashboard with your verified Xfers account: https://app.xfers.com

Should you encounter any issues, please visit our FAQ on XSGD here or contact our customer support here.

Stay Safe!
Aymeric Salley

Disclaimer: This article is for general information purposes only and is circulated on a non-reliance basis

¹ In the context of XSGD, the applicable travel rules are set out in MAS’ Notice PSN01 on wire transfer requirements.

Xfers

Accelerating financial access in Southeast Asia.

Xfers

Founded in 2015, Xfers aims to accelerate financial access within Southeast Asia by enabling businesses to accept payments and send money. Xfers boasts a range of last-mile financial rails including the Xfers Send, Xfers Accept, Xfers Wallet, and StraitsX.

Aymeric Salley

Written by

Xfers

Founded in 2015, Xfers aims to accelerate financial access within Southeast Asia by enabling businesses to accept payments and send money. Xfers boasts a range of last-mile financial rails including the Xfers Send, Xfers Accept, Xfers Wallet, and StraitsX.