We are excited to announce the launch of StraitsX Swap, a new feature that allows verified Singapore and international StraitsX Personal and Business Account holders to easily swap between stablecoins with just a few clicks on their account dashboard. StraitsX Swap is fee-free and allows near-instant execution of trades between XSGD and USDC.
The introduction of the Swap function brings a unification of all necessary features for users to easily manage stablecoin assets on a single dashboard. Users can easily mint, store, redeem, and (now) trade popular stablecoins with a verified account. More stablecoin integrations are also being explored at the moment.
• Fee-free Swaps: There are no hidden fees for your Swap transactions. Swap between XSGD/USDC with the most competitive exchange rates on offer, and with instant execution.
• Deep Liquidity: Swap offers deep liquidity for your stablecoin trades. Easily trade large volumes of up to 50,000 XSGD/USDC for each trade.
• Avoid high slippage: Avoid high slippage or changing FX rates when making stablecoin payments by locking in an exact exchange rate at the time of your trade.
Swap allows users an easy option to get started with a U.S. Dollar stablecoin, simply by swapping existing XSGD funds into USDC. USDC is pegged to the US dollar, and is a popular choice for businesses and individuals alike looking to store and transfer value in a secure, fast and cost-effective manner.
One obstacle that people face when trying to mint and redeem USDC is the requirement to go through a cryptocurrency exchange. This can be a time-consuming and complex process, especially for individuals who are new to the world of cryptocurrencies. Additionally, exchanges may present limitations on the amount of USDC that can be transferred, making it difficult for individuals to get started with their desired amount of USDC.
Another challenge is the lack of accessibility to USDC for some individuals since certain exchanges may not have made their account sign-up process available to all countries or regions. StraitsX allows individuals around the globe access to the StraitsX platform, offering a solution that enables users to easily mint XSGD, and redeeming USDC through Swap.
On the flip side, Swap also presents users who may find a need to hedge against any risks associated with U.S. Dollar denominated stablecoins, with an easy way to convert existing USDC funds to XSGD, which is pegged to the Singapore Dollar.
The Singapore Dollar is backed by a strong and stable economy, providing a safe haven for individuals and businesses alike looking to mitigate risks in the current market. Additionally, XSGD transactions offer the benefits of faster transaction speeds, lower fees, and greater decentralisation as compared to traditional financial institutions. By diversifying into XSGD, users can not only safeguard their funds, but also take advantage of an ever growing DeFi ecosystem which supports XSGD. Users may also choose to off-ramp XSGD funds easily via the StraitsX platform by performing a bank transfer out to receive SGD funds directly into their bank account.
Swap promises to be powered by only the most trusted stablecoins. XSGD is one of the world’s largest non-USD stablecoin. Each XSGD is backed by one Singapore Dollar in cash and SGD-denominated assets held in segregated accounts in a Singapore bank and/or regulated financial institutions. XSGD will always be redeemable 1:1 for SGD on the StraitsX platform. StraitsX currently supports both ERC-20 and ZRC-2 token standards for XSGD on the Ethereum, Polygon, and ZiIliqa blockchain networks.
USDC is issued by Circle, and is 100% backed by cash and short-dated U.S. treasuries so that it is always redeemable 1:1 for U.S dollars. StraitsX currently supports Ethereum (ERC-20) network transfers of USDC at the moment, with more network integrations coming soon.
StraitsX is licensed by MAS as a Major Payment Institution. We are committed to security, and leverage institutional-grade custody solutions to ensure customer funds are safe. We are also ISO/IEC 27001:2013 certified, following the same stringent security standards set by banks.
Sign up for a Personal Account or Business Account now to try out StraitsX Swap today!