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Coinbase is partnering with StraitsX to launch the world’s first SGD backed stablecoin XSGD, bringing Singapore’s national currency on hain in a regulated and compliant manner. The token is recognized by the Monetary Authority of Singapore under the nation’s upcoming Single Currency Stablecoin framework.
Coinbase has teamed up with StraitsX to introduce the first ever SGD backed stablecoin on its platform. The new token XSGD, will be available to both Coinbase and Coinbase Advanced users starting Sept. 29, 2025 at 19:00 UTC. In its initial rollout, the token will also be issued on Ethereum Layer 2 chain Base.
As the first SGD backed stablecoin approved under Singapore’s regulatory framework, XSGD is designed to offer users a local currency alternative to USD based stablecoins. The partnership also makes XSGD accessible through decentralized exchanges on Base furthering financial access on chain.
To deepen liquidity, Coinbase, StraitsX and ecosystem partners will introduce joint liquidity pools. Among them is an XSGD/USDC pool on Aerodrome Finance, Base’s primary liquidity hub, supported by incentives from both Aerodrome and the Base network.
Starting Sept. 29, Coinbase users will be able to directly convert Singapore dollars into XSGD at a 1:1 ratio. The SGD backed stablecoin will also be tradeable on decentralized exchanges within the Base ecosystem. In addition, liquidity pools will allow seamless exchange of XSGD with other currencies and assets.
The introduction of an SGD backed stablecoin helps mitigate currency risk and foreign exchange volatility giving individuals and businesses in Singapore a way to transact in their native currency. With XSGD on Base, users can unlock new applications ranging from powering AI agents to purchasing digital art and real world assets like NFTs all through on chain payments.
Coinbase Singapore’s Country Director, Hassan Ahmed, highlighted the broader impact of the SGD backed stablecoin, stating:
The launch of XSGD on Coinbase Singapore marks a significant step toward enabling instant, seamless and inclusive local and cross border payments, accessible to anyone with a mobile phone and digital wallet.
Ultimately, the SGD backed stablecoin launch aims to accelerate adoption of stablecoins, expand global payment options and strengthen Singapore’s role as a digital finance hub.
