News

StraitsX Deploys XUSD Smart Contract on Ethereum

February 5, 2024

StraitsX today announced the deployment of the smart contract for XUSD on Ethereum. The deployment of the smart contract for XUSD enables the issuance of XUSD, currently designed to be issued out from Xfers Pte. Ltd. (“XPL”), and at a later stage from StraitsX USD Issuance Pte. Ltd

XUSD is to be built on the Ethereum protocol and issued as an ERC-20 token. This will address matters of interoperability, allowing XUSD to eventually grow at scale within one of the most widely adopted smart contract open-source platforms upon full public issuance. The smart contract for XUSD on Ethereum currently leverages the proven logic and security posture of StraitsX’s XSGD smart contract, previously audited by Quantstamp, an external smart contract security audit firm based out of San Francisco, California.

At the time of writing, XUSD will not be publicly available, and is slated to only be available to certain StraitsX customers, particularly market makers through the StraitsX OTC desk. Instant purchases of XUSD with fiat or via supported stablecoins (i.e., USDC, USDT, XSGD) can be performed via the StraitsX OTC desk. 

XUSD, designed as a single currency pegged stablecoin, is pegged 1-to-1 to the U.S. Dollar, with the underlying assets of XUSD held in cash and/or short-term tenor US-denominated government bonds or notes. 

View the XUSD whitepaper.  

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