Singapore-based stablecoin infrastructure supplier StraitsX has unveiled a refreshed model identification because it expands its position in enabling compliant, real-time fee settlements.
The corporate, initially based as a fee gateway known as Xfers to assist treasury and settlement wants for SMEs, has advanced right into a regulated platform enabling purpose-built, fiat-backed stablecoins designed for real-world fee use instances.
It stated the model replace displays its rising perform as an infrastructure layer for institutional cash motion.
StraitsX experiences having processed over US$10 billion in on-chain stablecoin transactions and operates underneath a Main Fee Establishment licence issued by the Financial Authority of Singapore (MAS), protecting six out of seven regulated fee companies.
Its stablecoins, XSGD and XUSD, are among the many first to be recognised underneath MAS’ forthcoming Single-Forex Stablecoin framework.
The corporate has additionally participated within the Financial Authority of Singapore’s Goal Sure Cash initiative and facilitated cross-border retail fee flows with companions together with Alipay+ and Seize.
It helps tokenised foreign money issuance, FX, and settlement throughout each private and non-private blockchain networks.
Within the coming weeks, StraitsX plans to introduce extra options aimed toward bettering entry to USD banking rails and increasing assist for private and non-private chain settlement.
The corporate stated in a weblog submit,
“As our attain expands past Singapore, we’re laying the muse for a very international fee infrastructure — one which’s scalable, compliant, and prepared for what’s subsequent.
Our mission is clearer than ever: to bridge the nice disconnect in international funds by offering the trusted settlement infrastructure layer the world can depend on.”
Featured picture: Edited by Fintech Information Singapore, primarily based on picture by thanyakij-12 by way of Freepik