Coinbase is adding Singapore dollar stablecoins to its platform through a tie-up with licenced issuer StraitsX.
The StraitsX stablecoin, XSGD, serves as a new option on Coinbase in addition to USD-based stablecoins. Its arrival will unlock easier local and cross-border payments for Singaporeans and allow users to convert SGD:XSGD, one-to-one.
As part of the initial rollout, XSGD will also be issued on Base, the low-cost Ethereum Layer 2 Chain incubated by Coinbase, which brings foreign exchange transactions on-chain in a decentralised manner. A key part of this rollout will be the launch of an XSGD/USDC pool on Aerodrome, the central liquidity hub on the Base network, with liquidity incentives supported by both Aerodrome and the Base ecosystem to drive adoption and usage.
XSGD on Base will unlock a series of new use cases for Base users and builders in their local currency, including enabling AI agents to interact on the blockchain, purchasing digital art, and acquiring tokenized assets such as collectible items linked to NFTs, and powering on-chain FX transactions.
Tianwei Liu, CEO & co-founder of StraitsX, says: "The launch of XSGD on Coinbase is a big step forward, not just for Singapore, but for the entire digital asset ecosystem. 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."