StraitsX issues the Singapore Dollar stablecoin XSGD and the US Dollar stablecoin XUSD on the PlatON blockchain.

According to The Block, PlatON has now successfully integrated the compliant stablecoins XSGD (1:1 pegged to the Singapore dollar) and XUSD (pegged 1:1 to the U.S. dollar) issued by StraitsX into its network, according to The Block. Users can freely send, receive, and hold XSGD and XUSD on PlatON. With the cooperation with a number of stablecoin issuers and cross-border payment institutions, PlatON will provide XSGD and XUSD with richer payment scenarios, including online and offline collection network access, cross-border remittance services, and stablecoin exchange services.

It is reported that StraitsX is a major payment institution authorized by the Monetary Authority of Singapore (MAS). The cooperation with PlatON not only provides a high-performance underlying infrastructure for XSGD and XUSD, but also builds a complete link from stablecoin issuance, cross-border payment to local consumption through collaboration with licensed acquirers such as Allinpayintl, opening up the digital currency acceptance of merchants in Singapore and Hong Kong, so that stablecoins can be used conveniently and safely in online and offline acquiring and settlement scenarios.