StraitsX, Southeast Asia’s leading digital payment infrastructure provider, marks the first anniversary of its US dollar-pegged stablecoin, XUSD, following a year of significant adoption, regulatory milestones, and institutional partnership expansion. Over the past 12 months, XUSD has rapidly gained traction across centralised and decentralised financial markets, reinforcing its role as a trusted and scalable digital asset for global transactions.
XUSD has been adopted across an expanding network of financial institutions, fintechs, decentralised finance (DeFi) platforms, and centralised exchanges since its launch in 2024. As of July 2024, XUSD has been listed on MEXC, with an upcoming listing on Binance this week. In addition, XUSD is currently supported on Ethereum and Binance Smart Chain networks, with planned integrations on Avalanche, Hedera, and PlatON in the coming months to further enhance its accessibility and interoperability.
XUSD operates within a robust compliance framework and has been acknowledged by the Monetary Authority of Singapore to be compliant with Singapore’s upcoming stablecoin regulatory framework. Fully backed by approved liquid assets such as cash, cash equivalents, and/or government bonds, the par value of all circulating XUSD is maintained at a minimum of 100% of the marked-to-market reserve assets and undergoes bi-monthly attestation reports available for public verification.
To date, XUSD has processed USD$250 million in Gross Transaction Volume, with transactions surging 259% during the second half of 2024. Monthly active users have also grown 3.4 times since August 2024, with 41% from international markets. As the demand for programmable financial infrastructure rises, XUSD is poised to become a foundational asset in the next generation of digital payments and settlements.
“With a vision to shape the future of digital finance, we launched XUSD to drive a new era of trusted, programmable, and globally connected financial transactions. In just a year, XUSD has become a key enabler of institutional finance, DeFi applications, and cross-border payments, proving its value as a seamless and scalable settlement solution. As we embark on our next phase of growth, XUSD’s expansion is more than just a milestone; it is a testament to the accelerating adoption of stablecoins as a pillar of the digital economy. We are committed to pioneering this transformation, deepening institutional partnerships, and ensuring stablecoins become an integral part of mainstream finance,” said Liu Tianwei, Chief Executive Officer at StraitsX.
Scaling Adoption: Institutional Partnerships and Global Accessibility
Over the past year, XUSD has seen rising adoption across institutional and commercial sectors, supported by major banking institution partnerships with DBS and Standard Chartered Bank. Through these partnerships, StraitsX users can seamlessly get XUSD by transferring USD to accounts issued by StraitsX’s banking partners or redeeming XUSD to USD via StraitsX to users’ international USD bank accounts
StraitsX is currently working with its partners to explore the viability of a tokenisation project involving XUSD, which is set to launch in 2025, further strengthening its role as a cornerstone asset in institutional finance. As demand for programmable financial infrastructure accelerates, XUSD is positioned to facilitate scalable, low-cost, and secure cross-border transactions while enabling on-chain treasury management and settlements.
Unwavering Security and Regulatory Compliance
StraitsX upholds rigorous security standards, with XUSD undergoing third-party smart contract audits and bi-monthly attestations conducted by independent, reputable auditors. These measures reinforce the integrity and reliability of XUSD, making it a trusted choice for institutions and businesses looking for stablecoin solutions with full regulatory compliance.
“Trust, transparency, and security are the cornerstones of our stablecoin strategy. As digital assets reshape the global economy, StraitsX is committed to setting new benchmarks for institutional-grade stability and financial innovation. With XUSD entering its second year, we are accelerating our efforts to expand interoperability, forge deeper industry partnerships, and advance the role of stablecoins as a critical foundation for the future of global finance,” said Jason Tay, Head of Commercial at StraitsX.
With a total asset under management of US$27 million and a rapidly growing transaction volume, XUSD is poised to drive further innovation in the digital finance space. Its first anniversary marks the start of an ambitious expansion, with StraitsX focused on increasing mainstream accessibility to stablecoins and its overall adoption across the global financial ecosystem.
Users can seamlessly buy and sell XUSD through the StraitsX platform, ensuring secure, real-time transactions backed by fully segregated reserves. For more information, all attestation reports on XUSD’s reserves are publicly available and can be accessed here: https://www.straitsx.com/xusd.