StraitsX 2022, Wrapped

December 22, 2022

As we bid farewell to another year, it's a great opportunity to look back on all that we've accomplished together over the past 12 months.

One of the largest Non-USD denominated stablecoin in the world by market cap

Since the launch of the StraitsX Singapore Dollar (XSGD) in October 2020, XSGD has experienced tremendous success, and remains one of the largest non-USD denominated stablecoins in the world by market cap, with over 6 billion XSGD transacted on chain to-date.

XSGD and XIDR available natively in Polygon

In September 2022, XSGD & XIDR (Polygon) was made available natively on the StraitsX platform. StraitsX users are able to transfer and mint XSGD & XIDR (Polygon) directly from their StraitsX accounts. XSGD & XIDR (Polygon) transferred into StraitsX accounts can also be converted back to SGD and IDR seamlessly.

USD/USDC Transfers are supported on StraitsX Business and Personal Accounts

As of November 2022, verified StraitsX Personal and Business accounts are able to transfer in and out USDC to and from their StraitsX account, via either a bank transfer or a blockchain transfer.

USDC is a stablecoin fully backed by cash and short-dated US treasuries, so that it is always redeemable 1:1 for US Dollars. USDC is issued by Circle, a licensed money transmitter under U.S. state law. Circle’s financial statements are audited annually and subject to review by the SEC.

Find out more here.

StraitsX Earn for Business

We have also introduced StraitsX Earn, allowing StraitsX business accounts to begin using the StraitsX Earn function for earning interest on their XSGD, paid daily.

  • Returns compounded daily
  • No management or hidden fees
  • No lock in period
  • No minimum balance

Contact our sales team here to learn more.

StraitsX Indonesia Updated Features

In 2022, we have unlocked several new features to continue serving our Indonesia users better:

1. StraitsX Mint

Verified StraitsX accounts can access the StraitsX platform to set up their StraitsX Mint function, directly minting XIDR into their preferred blockchain address by sending Rupiah to the bank account number available in the Mint tab.

2. StraitsX OTC

With the StraitsX OTC desk, individuals and institutions can make block trades of XIDR with other stablecoins including XSGD, USDC, BUSD and USDP. Trades start from IDR500,000,000 and users will receive the desired stablecoin direct to their StraitsX Account or preferred blockchain address. 

StraitsX OTC strives to provide the most competitive rates. Request for a quote now.

3. StraitsX Business API

Businesses in Indonesia can leverage powerful payments and payouts infrastructure to facilitate fiat and token transactions for their platform.

StraitsX payment API allows businesses to accept payments from various local top banks by using static virtual accounts. StraitsX payout API allows businesses to send and program payouts to over 100+ different banks in Indonesia.

Sign up for your business account here.

StraitsX pilots use of Purpose Bound Money during Singapore Fintech Festival 2022

As part of the Monetary Authority of Singapore's Project Orchid, StraitsX and Grab teamed up with 12 other partners to test the use of Purpose-Bound Money (PBM) in the form of digital vouchers. During the Singapore FinTech Festival (SFF) 2022, selected trial participants were given the opportunity to use PBM vouchers sponsored by Temasek to make purchases at participating F&B outlets at the SFF, as well as at Grab merchant partners, by accessing the vouchers through their preferred blockchain e-wallet app.

Learn more about the project here.

StraitsX partners industry leaders to pilot stablecoin real-world use cases at the Singapore Fintech Festival 2022

At the Singapore FinTech Festival (SFF) 2022, StraitsX demonstrated a range of stablecoin applications with the aim of showcasing their potential real-world use cases and benefits for trade and commerce. Working with partners such as IDEMIA, Hedera, Mastercard, and Carbonseed.Earth, StraitsX focused on highlighting the five key benefits of stablecoins: increased payment efficiency, on-chain and offline programmability that provides interoperability, financial inclusion, and sustainable and energy-efficient transactions.

To find out more about the pilot, click here.

StraitsX attestation report

StraitsX remains committed to transparency by issuing public attestations of StraitsX stablecoin. Issued by a certified public accountant in Singapore, through a process in accordance with the Institute of Chartered Accountants (ISCA) standards, the reports outline all Singapore Dollar denominated reserve assets backing the XSGD tokens.

We are grateful for the opportunity to work with all of our partners and clients. Your support has helped make 2022 a great year, and we look forward to building on that success in the coming year. Thank you for your trust and partnership.

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