Singapore launches stablecoin backed by the Singapore dollar

The payments company Xfers has introduced the XSGD stablecoin, pegged to the Singapore dollar. In a statement, it said the move brings the project closer to creating \”a reliable and open financial system in Southeast Asia\”.

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We are excited to unveil the public release of $XSGD — the world’s first Travel Rule compliant #stablecoin, backed 1:1 with the Singapore Dollar (SGD) — with the support of over 20 reputable ecosystem partners.

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Find out more here 👇https://t.co/r0XlfNSHpa$ETH $ZIL

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— Xfers (@xfers) October 5, 2020

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The stablecoin runs on the Zilliqa and Ethereum blockchains.

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The team asserts that the coin complies with FATF recommendations for participants in the crypto industry, as well as the requirements of the local financial regulator. Users on the platform are required to verify their identity, and the platform itself undergoes risk assessment and transaction monitoring.

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In late September, the aggregate market capitalization of stablecoins surpassed $20 billion. Their daily issuance increased to $100 million.

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Earlier, the European Commission introduced new rules regulating cryptocurrencies and stablecoins. The measures call for \”stricter\” requirements regarding investor protection, oversight, and capital controls.

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