Wirex, a digital payments platform, has added six new stablecoins to its platform with XSGD, the world’s largest non-USD fiat-backed stablecoin, being the latest addition.
Backed 1:1 to the Singapore dollar, XSGD was chosen as Wirex’s first APAC-based stablecoin, as it ties into the company’s focus on promoting a safe and trusted crypto sector. Available on the StraitsX platform developed by Xfers Pte. Ltd, a major Southeast Asian payment processing gateway, the token was created to help realise the vision of a regulated and decentralised financial system in Singapore.
Reflecting Singapore’s forward-thinking regulatory attitude towards crypto, Xfers is licensed by the Monetary Authority of Singapore under the eMoney framework and adopts recommendations from the Financial Action Task Force. The token will allow users to receive the benefits of crypto such as faster payments and lower transaction fees while knowing their funds are secure and regulated.
The six stablecoins are the latest in a series of token releases as Wirex continues to expand the selection on its platform. The new tokens now available are STASIS EURO (EURS), True (TUSD), USD Coin, (USDC), Tether (USDT), USDP and XSGD. In Singapore, the popular LINK and UNI tokens, as well as XSGD, will also be available for users, where Singaporeans can perform a bank transfer of SGD to Wirex using StraitsX to convert to XSGD.
Pavel Matveev, the CEO and Co-Founder of Wirex commented: “Wirex was founded with a mission to make crypto open to all, so it’s vital to offer a wide variety of tokens to suit all users, regardless of their lifestyle and experience with crypto. Stablecoins such as XSGD are a great option for those new to crypto as they are pegged to a stable asset, keeping the value more consistent over time while still offering users the benefits of crypto.”
Matveev has for long believed that stablecoins are a key component in a digital economy. The six new tokens will sit alongside DAI, the first stablecoin to be integrated into the Wirex platform in 2019. With over 4.5 million users already, the platform gives users the ability to buy, hold, exchange, sell multiple traditional and cryptocurrencies, which can be spent with the world’s first crypto-enabled prepaid card.
Aymeric Salley, Head of StraitsX added, “At StraitsX, we believe ASEAN currencies denominated stablecoins will see increasing adoption and we’re delighted to see Wirex pioneering this effort with XSGD now being supported by the Wirex platform. We look forward to users being able to spend XSGD via the Wirex card.”
The recent Wirex whitepaper outlined several major innovations that would solidify their vision for Wirex’s WXT token that included a recently launched non-custodial Wirex Wallet. In the coming months, the company has plans to upgrade its rewards programme, X-tras 2.0, add additional highly requested coins, and expand its product to the US.