StraitsX Drops XSGD Stablecoin on XRP Ledger—Singapore Dollar Goes Blockchain

Singapore’s fintech scene just got a crypto upgrade. StraitsX—the digital asset arm of Singaporean payments giant FOMO Pay—has launched its SGD-pegged stablecoin (XSGD) on the XRP Ledger. Move over, Tether—there’s a new regulated stablecoin in town.

Why it matters: This isn’t just another stablecoin. XSGD is fully backed by cash reserves held in major Singaporean banks, with monthly attestations by top-tier auditors. The XRP Ledger integration means near-instant cross-border payments with sub-cent fees—a direct challenge to SWIFT’s creaking infrastructure.

The cynical take: Because what the crypto world really needed was another stablecoin—especially one from a country where chewing gum is more regulated than most DeFi protocols. But hey, at least this one won’t implode like TerraUSD... probably.