StraitsX Plans XSGD, First Native Singapore Dollar Stablecoin on Monad

Singapore-based digital-asset payments infrastructure company StraitsX said on Oct. 1 that it plans to launch the Singapore dollar-denominated stablecoin XSGD and the U.S. dollar-denominated stablecoin XUSD on Layer 1 blockchain Monad.

StraitsX plans to natively issue XSGD and XUSD on the Monad network in early 2027. If launched as planned, XSGD would be the first Singapore dollar-denominated stablecoin to be natively issued on Monad.

Monad is an Ethereum Virtual Machine-compatible Layer 1 blockchain.

XSGD and XUSD are issued by a StraitsX affiliate that holds a Major Payment Institution license under Singapore's Payment Services Act. Annual stablecoin transaction volume processed through StraitsX infrastructure is about $70 billion.

"By introducing XSGD as Monad's first Singapore dollar stablecoin, we can use it for new card and payments products while maintaining the compliance standards we have built across Asia," StraitsX Chief Executive Officer and co-founder Liu Tianwei said.

StraitsX is also considering expanding the use of XSGD and XUSD to cross-border payments and settlements, as well as card programs.

"Payments, card settlement and consumer financial products need infrastructure that can process large transaction volumes quickly and cheaply," Monad founder Keone Hon said. He added that Monad's compatibility with the EVM ecosystem would allow StraitsX to connect to existing wallets, liquidity infrastructure and financial applications.