Summary
- StraitsX said that “XSGD and XUSD have begun official support on the Solana network.”
- It said the integration enables the two stablecoins to operate in the same on-chain environment, laying the groundwork to streamline FX trading and liquidity formation.
- It said market participants expect this to allow FX functionality to be implemented more directly within DeFi and payments applications.
Forecast Trend Report by Period
Singapore dollar- and U.S. dollar-based stablecoins are now supported simultaneously on the Solana (SOL) network.
On the 31st, StraitsX said on its official blog that “XSGD and XUSD have begun official support on the Solana network.”
With this integration, the Singapore dollar-pegged stablecoin XSGD and the dollar-pegged stablecoin XUSD will operate within the same on-chain environment, laying the groundwork for more efficient FX trading, payments and liquidity formation.
In particular, with both currency-based stablecoins supported natively at the same time, value transfers between SGD and USD have become possible on-chain without intermediaries. Market participants expect this to enable more direct implementation of FX functionality within decentralized finance (DeFi) and payments applications.
Meanwhile, StraitsX plans to work with centralized exchanges (CEXs), decentralized exchanges (DEXs) and lending protocols to expand liquidity and usage for the two stablecoins.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
