Crypto exchange Coinbase is launching support for XSGD, a stablecoin backed 1:1 by the Singapore dollar, the firm said on Thursday.

The cryptocurrency exchange that allows users to buy, sell, and store various digital currencies, the move comes as part of a recently signed partnership with licenced issuer StraitsX, a payment infrastructure for the digital asset space in Southeast Asia developed by Xfers, a Singaporean FinTech.

The crypto exchange said on Thursday that the new cryptocurrency called XSGD - developed by the StraitsX platform - will go in addition to the other USD-based stablecoins which are already present on Coinbase’s platform.

Coinbase explained that XSGD is fully backed with the Singapore Dollar (SGD), which runs on the Ethereum and the Zilliga blockchains.

The new offering aims to simplify local and cross-border payments for Singapore citizens, allowing users to convert SGD to XSGD on a one-to-one basis, the company said.

StraitsX says that it aims to establish itself as a digital asset platform that enables everyone to access digital growth opportunities.

The platform intends to enable and accelerate digital assets for individuals and businesses in Asia and around the world.

The StraitsX ecosystem enables rapid access to digital asset markets and decentralised finance (DeFi) applications through StraitsX APIs and stablecoins for both users and businesses.

Tianwei Liu, chief executive and co-founder of StraitsX, said that the launch of XSGD on Coinbase represents “a major step forward” not only for StraitsX, but for the entire digital asset ecosystem, including Singapore.

“By enabling seamless, direct access to local currency stablecoins, we are breaking down the USD-centric barriers that have long limited on-chain FX markets,” he added.

Greater involvement of financial institutions in the crypto space continues to boost it growth, with several new offerings being announced by major financial firms in recent months.

Earlier this week, Morgan Stanley announced it entered the retail crypto trading space, with plans to launch cryptocurrency trading for its E*Trade customers in the first half of 2026.

https://www.fstech.co.uk/fst/Morgan_stanley_to_offier_cryptocurrency_trading_for_customers.php

E-Trade, an investment brokerage and electronic trading platform that operates as a subsidiary of the bank.

According to a report by Bloomberg, the initiative will be supported by crypto and stablecoin infrastructure provider ZeroHash.

In August, Mastercard said it expanded its partnership with Circle, a FinTech which issues stablecoins pegged to the US dollar, to enable USDC and EURC settlement for acquirers in the Eastern Europe, Middle East and Africa (EEMEA) region.

https://www.fstech.co.uk/fst/Mastercard_Expands_USDC_And_EURC_Settlement_To_EEMEA_Region.php

The payments giant said the expanded partnership marks the first time that acquirers in EEMEA will be able to settle transactions in stablecoins, adding that the move underscores Mastercard’s role in connecting blockchain-native crypto assets with traditional fiat commerce infrastructure

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