StraitsX, a Southeast Asia-focused digital payment infrastructure provider, has launched its Singapore dollar-backed stablecoin XSGD on the XRP Ledger ( XRPL ), a decentralized blockchain platform.  

Issued by a major payment institution licensed by the Monetary Authority of Singapore ( MAS ), the stablecoin is fully backed 1:1 by reserves held with DBS Bank and Standard Chartered.

The deployment marks the first phase of a broader collaboration with Ripple, a contributor to the XRP Ledger and provider of enterprise blockchain and crypto solutions. The initiative aims to accelerate the adoption of regulated stablecoins across open, interoperable, and institutional-grade financial ecosystems.

By introducing XSGD to the XRPL, StraitsX aims to expand access to a fully regulated, programmable digital Singapore dollar on a public blockchain purpose-built for large-scale tokenization of both crypto-native and real-world assets.

Developers, fintech firms, and financial institutions can now leverage XSGD for real-time cross-border payments, on-chain settlement, and programmable financial flows via the XRPL infrastructure.

With cross-border commerce in Asia expected to surpass US$4 trillion by 2030, demand is rising for settlement infrastructure that is fast, trusted, and programmable. Regulated stablecoins, like XSGD, are set to become essential building blocks for this next phase of payment innovation, enabling real-time, transparent, and compliant value exchange across markets, StraitsX says.

Borderless financial services

Through the StraitsX platform, users can seamlessly mint, redeem, and integrate XSGD into decentralized applications and wallets, further supporting the development of secure and interoperable payment ecosystems. 

“The availability of XSGD on the XRP Ledger is more than a deployment. It’s a marker of where financial infrastructure is heading,” says Liu Tianwei, StraitsX co-founder and deputy chief executive officer.  “As digital money becomes embedded in the global economy, regulated stablecoins like XSGD will serve as the foundation for borderless, real-time, and compliant-ready financial services.”

The XRPL launch is the first in a planned series of deployments under the StraitsX-Ripple collaboration. In June 2025, StraitsX will activate a second phase tailored for institutional use, enabling programmable payouts, merchant settlements, and compliance-ready integrations across both first-party and third-party financial flows.

These deployments aim to bridge the speed and flexibility of digital assets with the regulatory and operational needs of businesses, regulators, and financial institutions, StraitsX says.

“StraitsX’s launch of XSGD on the XRP Ledger underscores that digital assets, including stablecoins, could play a pivotal role in payments. As institutions and developers seek to build real-world financial applications on-chain, we’re proud to collaborate with forward-looking partners like StraitsX to lay the groundwork for an open, enterprise-grade payments future in Singapore and beyond,” says Fiona Murray, managing director, Asia-Pacific, at Ripple.

The XSGD stablecoin is already available on other blockchain platforms, including Arbitrum, Avalanche, Ethereum, Polygon, Hedera, and Zilliqa.