Since its launch in October 2020 XSGD grew to over XSGD 250M in supply, making it one of the world’s largest non-USD stablecoin. While the main focus of the team since then has been a combination of regulatory compliance, user experience and cyber-security we have now decided to improve further on the transparency we offer our users as well.
Even though the public disclosure of the reserve backing XSGD tokens is not a regulatory requirement, StraitsX has appointed KK Yap & Associates, a certified public accountant in Singapore, to issue public reserve attestations of the XSGD tokens through a process in accordance with the Institute of Singapore Chartered Accountants (ISCA) standards.
Starting today, StraitsX will be issuing attestations of the reserves backing the XSGD tokens on a monthly basis. This report will outline all Singapore Dollar denominated reserve assets held in Singapore with approved financial institutions.
Download the January 2022 report here.