Coinbase is set to launch the world’s first SGD-backed stablecoin in collaboration with StraitsX, making it officially compliant with Singapore’s upcoming stablecoin framework.
The new token, XSGD, will be accessible to Coinbase and Coinbase Advanced users starting September 29, 2025, at 19:00 UTC. It will also be issued on the Ethereum Layer 2 chain, Base, enabling broader participation through decentralized exchanges.
Recognized by the Monetary Authority of Singapore, XSGD is the first stablecoin tied to the Singapore dollar and adheres to the country’s forthcoming Single Currency Stablecoin regulatory guidelines. The launch includes joint liquidity pools, such as a XSGD/USDC pool on Aerodrome Finance, designed to facilitate stablecoin swaps and encourage liquidity within the Base ecosystem.
Access and Use Cases for Coinbase Users
Users will be able to convert Singaporean dollars to XSGD on a 1:1 basis directly through Coinbase or decentralized exchanges on Base. The stablecoin also allows exchanges between different digital assets, offering a local fiat alternative to USD-backed stablecoins.
XSGD is expected to support a range of applications, from activating AI agents to purchasing digital art and NFTs, as well as enabling on-chain transactions tied to real-world assets.
Hassan Ahmed, Coinbase Singapore’s Country Director, stated that the XSGD rollout aims to expand stablecoin adoption, improve cross-border payments, and increase financial accessibility. “With XSGD live on Coinbase Singapore, we’re one step closer to making local and cross-border payments instant and accessible to everyone with a phone and wallet,” he said.
This strategic partnership positions Coinbase and StraitsX to enhance the global stablecoin landscape, giving users a Singapore dollar-backed option for digital payments and reducing currency risk in cross-border transactions.
