XSGD

XSGD is a fully collateralized Singapore Dollar stablecoin launched in 2021. It is issued by Singapore-based payments leader Xfers via the StraitsX platform, which is a licensed Major Payment Institution in Singapore under the Monetary Authority of Singapore (MAS). This allows Xfers to mint unlimited amounts of XSGD tokens under the e-money issuance framework. Each XSGD token is backed by one Singapore dollar held in a Singapore bank and is always redeemable on the StraitsX platform.

XSGD tokens are available on multiple blockchain protocols, including Ethereum as ERC-20 tokens, Zilliqa as ZRC-2 tokens, and also on Hedera and Polygon blockchains. This allows users to store XSGD with compatible wallets on each platform.

The all-time high price of XSGD was $1.73 on November 16, 2021, and its all-time low was $0.3371 on December 14, 2022. As of the current date, the price of XSGD has fluctuated significantly, with a market capitalization of around $31.50 million.

XSGD can be used as a stable store of value and unit of account denominated in Singapore Dollars in digital assets markets. Users can mint and redeem XSGD on the StraitsX platform and spend it with StraitsX partners. Additionally, businesses can leverage StraitsX APIs to support XSGD, and it is also supported on major exchanges.

Overall, XSGD provides a stable and reliable digital representation of the Singapore Dollar, facilitating transactions and financial activities within the digital assets market.

XSGD (XSGD) is a stablecoin pegged to the Singapore Dollar (SGD) and operates on multiple blockchain protocols, including Ethereum, Hedera, Polygon, and Zilliqa. This allows it to leverage the strengths of each blockchain, such as speed, scalability, and cost efficiency. Here's a detailed overview of how XSGD works:

XSGD is fully collateralized, meaning that each XSGD token is backed by a corresponding amount of SGD held in licensed financial institutions. This ensures that XSGD maintains a 1:1 parity with the Singapore Dollar, providing stability and reliability.

XSGD tokens are available on multiple blockchain protocols, including Ethereum (ERC-20) and Zilliqa (ZRC-2). This allows users to store and manage their XSGD tokens using compatible wallets for each blockchain. For instance, users can store XSGD (ERC-20) tokens in any ERC-20 compatible wallet and XSGD (ZRC-2) tokens in any ZRC-2 compatible wallet.

Xfers verified users can seamlessly convert their XSGD tokens between different blockchain protocols. For example, they can convert XSGD (ERC-20) tokens to XSGD (ZRC-2) tokens by depositing the tokens into their Xfers deposit address and then withdrawing their SGD balance on a different blockchain. This interoperability enables users to take advantage of the strengths of different blockchains.

XSGD is supported by various wallets and exchanges. Users can buy XSGD directly using fiat currency or through crypto-to-crypto exchanges. They can also use decentralized exchanges (DEXs) to trade XSGD with other cryptocurrencies. Major exchanges like KuCoin and Binance provide detailed guides on how to buy and manage XSGD tokens.

StraitsX is the payments infrastructure behind XSGD, providing a range of services and APIs for individuals and businesses. StraitsX offers personal and business accounts, enabling users to mint and redeem XSGD tokens, connect to various digital asset platforms, and access advanced account management features. The infrastructure also supports multiple payment methods, including bank transfers and e-wallets.

StraitsX is a licensed Major Payment Institution by the Monetary Authority of Singapore, ensuring that XSGD operates within a regulated environment. Each stablecoin is fully backed by reserve assets, and users can redeem their XSGD tokens on a one-for-one basis with their respective ASEAN currency on the StraitsX platform.

In summary, XSGD is a stablecoin that leverages multiple blockchain protocols to provide a reliable and efficient means of accessing the Singapore Dollar in the digital asset space. Its collateralization, interoperability, and support from various wallets and exchanges make it a versatile and secure option for users.

The token XSGD (XSGD) has several strengths that make it an attractive option for users. One of its key advantages is that it is fully collateralized, meaning that for every unit of XSGD issued, there is an equivalent amount of Singapore Dollar (SGD) held in reserve. This ensures that users can always convert their XSGD back to SGD, providing a reliable store of value in digital assets markets.

Another significant strength of XSGD is its interoperability. As it runs on open-sourced protocols, it can be used as a form of payment across different systems, making it highly versatile and adaptable. Additionally, its ability to facilitate micropayments due to its six decimal place precision addresses a challenge faced by fiat-based digital payment systems.

XSGD also offers significant benefits for businesses. It enables instant, 24/7 transactions without the need for third-party clearing agents, reducing transaction costs and time. This makes it an attractive option for settling transactions in a trusted and secure manner.

Furthermore, XSGD serves as an on-off ramp to digital assets markets, providing a digital form of liquidity and funding while introducing a new standard for volatility protection. This makes it particularly useful for ASEAN-based institutions and individuals looking to engage in digital asset trading.

Lastly, XSGD's use in Decentralised Finance (DeFi) purposes adds another layer of utility to the token, expanding its potential use cases and applications.

XSGD, a Singapore Dollar-denominated stablecoin issued by XFERS Pte Ltd, carries several financial risks. These risks include:

1. Counterparty Risk: This risk arises from the safeguarding of the funds. StraitsX, the platform managing XSGD, mitigates this risk by partnering with licensed entities that comply with regulatory requirements and the highest standards to safeguard XSGD fiat reserves.

2. Reserves Management: The quality, quantity, storage, and segregation of reserve assets are crucial. XSGD is fully backed by cash deposits at banks and bills issued by the Monetary Authority of Singapore (MAS), ensuring that the reserves are secure and easily redeemable.

3. Market Feedback: Market confidence in a stablecoin is derived from price and trade data. XSGD's stability is maintained through a combination of fiat reserves, one-for-one convertibility, and regular attestations by an independent third-party audit firm.

4. Mechanism: The stabilization methods used to protect the stablecoin are critical. XSGD's stability is ensured through daily internal reconciliations and monthly attestations, which verify the existence of the fiat reserves.

5. Management: Restrictions and deterrents exist to prevent key personnel from unethical and illegal behavior. The management factor is evaluated based on these restrictions and the track record of key personnel.

6. Technical Implementations: Although not currently assessed, the technical implementation of XSGD's smart contract code and oracles may pose risks in the future.

7. Decentralization: Factors such as platform censorship risk, custodian risk, and diversified voting power are considered. XSGD's decentralization is ensured through its distribution across multiple blockchains, including Ethereum, Zilliqa, and Polygon.

8. Governance: The governance factor evaluates holder protection, reserves verification, and redemption terms. XSGD's governance is ensured through transparent and reasonable redemption terms and regular attestations.

By understanding these financial risks, investors can make informed decisions about investing in XSGD.

• Liu Tianwei: CEO and Co-founder of Xfers, the company behind StraitsX, which issues XSGD. He focuses on the vision to build Southeast Asia’s most trusted digital financial ecosystem.
• Liu Tianyao: COO of Fazz, overseeing administrative and operational functions, including sales and business development activities.
• Samson Leo: CLO of Fazz, responsible for the Legal, Risk, and Compliance departments, ensuring that products and services meet client requirements while remaining compliant with regulations.
• Victor Liew: CISO of Fazz, managing and growing the engineering team, aligning engineering efforts to achieve the company’s vision.