Following Binance’s revelation on March 19 regarding the inclusion of XUSD, a stablecoin supported by USD and created by StraitsX, which is based in Singapore, its worth soared by as much as 5%.
Binance issued a declaration on March 17, indicating that StraitsX USD would be featured, and the XUSD/USDT spot trading pair would be accessible from March 19, 08:00 (UTC).
Furthermore, Binance users will benefit from no fees on the XUSD/USDT spot and margin trading pairs for an undefined duration, commencing from the listing date. Withdrawals for XUSD will be activated on the crypto exchange from March 20, 08:00 (UTC).
Soon after Binance’s listing statement, the value of the USD-linked stablecoin increased dramatically, hitting a high of $1.05, even though its average cost fluctuated between $0.99 and $1.00. As of this writing, the stablecoin has increased by 3.5% to $1.03.
Presently, XUSD possesses a market capitalization of approximately $33 million. The stablecoin has experienced a total trading volume of $3.3 million over the previous day. The token’s total issuance is 22.3 million XUSD, and it is already being circulated in the market. Affirm Shares Tumble as Klarna Secures Walmart Alliance
StraitsX USD is a stablecoin tied to the US dollar, released by StraitsX, a Singaporean firm. XUSD is entirely backed by reserve holdings at a 1:1 ratio with the USD. XUSD seeks to accelerate transactions. The stablecoin can also be employed for international payments, on-chain transactions, DeFi applications, corporate treasury administration, and merchant settlements.
StraitsX is a payment organization authorized by the Monetary Authority of Singapore. The company is also a component of the Fazz ecosystem, which delivers business banking services to nations in Southeast Asia. Besides XUSD, StraitX also dispenses XSGD and XIDR, stablecoins connected to the Singapore dollar and the Indonesian Rupiah, in that order.
The department store chain Metro, which is based in Singapore, revealed the previous month that it now takes stablecoins as payment at its brick-and-mortar locations and online store. The Monetary Authority of Singapore (MAS) established a regulatory framework in 2023 for stablecoins tied to the Singapore dollar or any G10 currency, provided that their circulation is greater than S$5 million, and this action follows that. As digital currencies become more and more incorporated into the retail industry, this framework guarantees financial stability and consumer protection.
