What is XSGD used for?

Could you elaborate on the intended use cases for XSGD? I'm curious to understand how this cryptocurrency derivative specifically tailored for Singapore dollars is being utilized in the market. Is it primarily a means for cross-border transactions, a store of value, or does it serve other financial purposes? I'm particularly interested in its potential to facilitate payments, hedging strategies, or even its involvement in decentralized finance protocols. Your insights would greatly aid in my comprehension of XSGD's function and potential applications.