Coinbase, the world’s most trusted crypto exchange, announced a strategic partnership with StraitsX, a stablecoin-native settlement layer driving global finance and issuer of stablecoins, XUSD and XSGD. Through this partnership, Coinbase users in Singapore and globally will gain 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.
Reimagining the Role of Stablecoins in a Multi-Currency World
Stablecoins are facilitating faster, cheaper, and more accessible financial services 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: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 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 foreign exchange volatility in today’s interconnected global market.
On-Chain Utility Meets Institutional-Grade Access
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 as of 19:00 UTC 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 foreign exchange transactions on-chain in a decentralised, frictionless, and cost-efficient manner intended to benefit consumers. Users will be able to access XSGD through decentralised exchanges (DEXs) 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.
XSGD on Base will unlock a series of exciting use cases for Base users and builders in their local currency, including enabling AI agents to interact seamlessly on the blockchain, purchasing digital art, and acquiring ‘real-world assets’ such as collectible items linked to NFTs, and powering on-chain FX transactions that are permissionless and available 24/7.
Hassan Ahmed, Country Director of Coinbase Singapore, said: “Stablecoins are redefining how payments move across borders. With XSGD live on Coinbase Singapore, we’re one step closer to making local and cross-border payments instant and accessible to everyone with a phone and wallet. Enabling easy, quick FX transactions brings more of our users across the globe closer and gives them greater access to the global financial system – supporting our mission of increasing economic freedom.”
A Regulated Foundation for the Future of Finance
The partnership unites two trusted and regulated companies in Singapore to drive further adoption and growth of the local cryptocurrency ecosystem. Coinbase has been licensed as a Major Payment Institution (MPI) since 2023, and StraitsX has been recognised as holding multiple MPI licenses since July 2024. The continued expansion of regulated local denominated stablecoins cements Singapore’s role in setting the global benchmark for Fintech innovation, where compliance and innovation work hand in hand to shape the future of finance.
Tianwei Liu, CEO & Co-Founder of StraitsX, said: “The launch of XSGD on Coinbase is a big step forward, not just for Singapore, but for the entire digital asset ecosystem. By enabling seamless, direct access to local currency stablecoins, we are breaking down the USD-centric barriers that have long limited on-chain FX markets. This partnership brings us closer to a truly multi-currency and frictionless global financial system that we’ve been building toward since day one.”
This partnership marks Coinbase’s continued efforts to expand across the APAC region. More details on specific products and services from the Coinbase-StraitsX partnership will be shared in the coming months.