Ripple Update: StraitsX Introduces XSGD Stablecoin, Celebrating 8 Billion On-Chain Transactions on XRP Ledger
Crypto infrastructure provider StraitsX has launched its Singapore dollar-pegged stablecoin, XSGD, on the XRP Ledger (XRPL) to meet the increasing demand for regulated multi-chain stablecoins that facilitate real-time cross-border payments. Digital asset developers, fintechs, and financial institutions can utilize XSGD for cross-border transactions, on-chain settlements, and to create programmable financial flows. XSGD operates on XRPL, a decentralized public blockchain developed by Ripple.
StraitsX, licensed as a major payment institution by the Monetary Authority of Singapore, began issuing XSGD in 2020. The stablecoin is fully backed 1:1 by reserves held with DBS Bank and Standard Chartered. Currently, XSGD has a total supply of 14.12 million, with the on-chain transaction count exceeding 8 billion. It is accessible on various platforms, including Arbitrum, Avalanche, Ethereum, Polygon, Hedera, and Zilliqa.
“At StraitsX, we view stablecoins not just as digital representations of fiat, but as essential infrastructure for the future of financial markets. Launching XSGD on the XRP Ledger is a significant step toward that vision—enhancing interoperability, programmability, and access across networks designed for real-world value exchange,” said Liu Tianwei, Co-Founder and Deputy of StraitsX.
Regulated stablecoins like XSGD are poised for greater adoption amid anticipated growth in cross-border economic activities in the coming years. For instance, estimates suggest that cross-border e-commerce in Asia could exceed $4 trillion by 2030. Additionally, global cross-border payments are expected to reach $250 trillion by 2027, according to a report from Infosys Finacle.
The report highlighted innovations in money transfer methods and noted that Ripple’s real-time fund settlement “eliminates the need for pre-funding destination accounts and supports low-cost payments within seconds.”
The launch of XSGD on the XRP Ledger is the first of a series of planned rollouts under a strategic partnership. In June, StraitsX intends to introduce a second phase aimed at institutional applications, including programmable payouts, merchant settlements, and seamless compliance integrations for a variety of financial workflows.
“StraitsX’s launch of XSGD on the XRP Ledger emphasizes that digital assets, including stablecoins, can play a crucial role in payments,” stated Fiona Murray, Managing Director of APAC at Ripple. “We are observing a growing interest in stablecoins like XSGD to support enterprise-grade use cases across payments, liquidity, and compliance-first infrastructure. Our collaboration with StraitsX to bring XSGD to the XRP Ledger reinforces our commitment to delivering regulated assets that can transform cross-border payments and unlock value for financial institutions,” she added.
