Why do we need SGD denominated stablecoins?

SGD stablecoins can minimize transaction cost for individuals and businesses in areas such as finance, local and cross-border payments as well as drive web3 innovation in Singapore by addressing the following pain points:

  1. High Transaction Cost: FOREX/trading commissions, payment fees, and cross-border transaction fees can be as high or even higher than 0.5% of transaction volume
  2. Inconvenient Onboarding Experience: On-/off-ramping options are limited to exchanges and OTC with potentially high fees, uncertainty and risks
  3. Limited Local Innovation: Building blockchain application for local adoption require locally denominated stablecoins that users are familiar with and easy to adopt

It’s time to build and use applications that significantly increase consumer surplus, capital efficiency, and convenience!

Current major fiat-backed stablecoin options

*You can find attestation reports about current supply and investments on their respective websites.

Example: How to on-/off-ramp XSGD?

Onramp Offramp
1. Sign up with Singpass (instant) or with passport at https://www.straitsx.com/en 1. Sign up with Singpass (instant) or with passport at https://www.straitsx.com/en
2. Onramp XSGD by sending SGD from your bank account 2. Prepare your wallet (SOL) with min. 0.02 SOL to pay for gas fees
3. Send XSGD to your wallet (ETH) with min. 0.01 ETH to pay for gas fees 3. Prepare your wallet (ETH) with min. 0.01 ETH to pay for gas fees
4. Prepare your wallet (SOL) with min. 0.02 SOL to pay for gas fees 3. Bridge XSGD from Solana to your Ethereum wallet via https://www.portalbridge.com/#/transfer
5. Bridge XSGD from Ethereum to Solana wallet via https://www.portalbridge.com/#/transfer and enjoy low-fee, high-speed transactions 4. Send XSGD from your wallet to your bank account via StraitsX account

How to trade “SGD/USD” on DEX?

There are many ways to trade stablecoins, you can go to https://orca.so and select your asset pairs. Trading fees are as low as 0.01%.

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To earn trading fees passively, you can also provide liquidity on Orca Whirpools and other protocol pools e.g. Raydium.