Product Updates

USD bank transfers now available for StraitsX Personal and Business accounts

October 12, 2023

We are pleased to announce that USD bank transfers are now available for our Singapore and International Personal and Business account users. This is made possible with the re-introduction of USD payment rails to the StraitsX ecosystem.

Understanding our USD Payment Rails

Our USD payment rails have been meticulously designed to provide a seamless experience for users interacting with USD denominated stablecoins, starting with USDC. These rails allow end users and businesses alike to easily mint USDC by converting USD fiat funds directly from a bank account, and redeem USDC for USD with equal ease. This release underscores our commitment to being your trusted gateway between digital assets and fiat.

At the time of writing, USDC is the only USD-denominated stablecoin supported on StraitsX’ dashboards. With more USD stablecoins to be added in due time, USD payment rails will provide you with seamless onramp and offramp access to these stablecoins. 

Why this development matters

  1. Seamless Minting: Minting USDC on StraitsX has never been easier. Easily convert your USD fiat currency from your Singapore-based or International bank account into USDC with just a few clicks, eliminating the hassle of navigating through various platforms or intermediaries.
  2. Direct Redemption: If you ever wish to convert your USDC funds back into USD, our platform facilitates a straightforward redemption process, with fiat funds deposited directly into your bank account. Direct redemptions are only supported for Singapore-based bank accounts at the moment, with International bank account support to be added in due time. 
  3. Faster FX: Having USDC holdings in your StraitsX account also presents an opportunity for interactions with XSGD. Today, users are able to mint USDC, and utilise StraitsX Swap for easy conversion between USDC and XSGD, hedging against currency volatility risks by diversifying your hold on different currencies-backed stablecoins. Users can also subsequently redeem XSGD for Singapore dollars to a Singapore-based bank account.
  4. Flexible Transactions: Allows easier access to USD stablecoins such as USDC, which is known for its stability and reliability. Whether you are diversifying your digital assets, making online purchases, or conducting cross-border transactions, USDC provides you with the flexibility you need to take part in a larger stablecoin market.

We are excited about the possibilities that USD transfers on the StraitsX dashboard can bring to your digital financial journey. Whether you’re a seasoned stablecoin advocate or simply new to the world of digital assets, we are here to aid you through a smooth and secure experience. Login or Sign Up for an account today to begin minting and redeeming stablecoins!

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