Singapore Dollar-Backed Stablecoin on Ripple’s XRPL: StraitsX Expands Reach of XSGD to Power Asia’s On-Chain Settlements

XSGD Is Now on the XRP Ledger

StraitsX, a digital payments infrastructure company supported by Standard Chartered Bank, announced it has expanded the reach of its Singapore dollar-backed stablecoin, XSGD, by launching it on the XRP Ledger (XRPL).

This public blockchain platform is designed for large-scale tokenisation and rapid settlement, making it a natural fit for stablecoins that aim to support real-time payments and programmable financial services.

How Does This Impact Payments and Developers

XSGD is fully backed one-to-one by reserves held at DBS Bank and Standard Chartered, providing a regulated and trusted digital currency option for developers, fintechs, and financial institutions.

With the XRPL integration, users gain access to a blockchain known for its speed, transparency, and low transaction costs, making cross-border and on-chain payments more efficient.

In a statement released by Ripple, Liu Tianwei, co-founder and deputy CEO of StraitsX, said,

“The availability of XSGD on the XRP Ledger is more than a deployment. It’s a marker of where financial infrastructure is heading. As digital money becomes embedded in the global economy, regulated stablecoins like XSGD will serve as the foundation for borderless, real-time, and compliant-ready financial services.”

What Is the Role of Ripple in This Expansion

Ripple, a major contributor to the XRPL and a company focused on blockchain payment solutions, partnered with StraitsX for this launch.

Fiona Murray, managing director for Asia-Pacific at Ripple, highlighted the potential for stablecoins to transform payments:

“As institutions and developers seek to build real-world financial applications on-chain, we’re proud to collaborate with forward-looking partners like StraitsX to lay the groundwork for an open, enterprise-grade payments future in Singapore and beyond.”

How Does This Fit Into the Broader Digital Currency Landscape

Since launching XSGD in 2020, StraitsX has made the stablecoin available on several blockchains, including Ethereum, Polygon, Arbitrum, Avalanche, Hedera, and Zilliqa.

The addition of XRPL is part of a wider strategy to build multi-chain infrastructure that supports both retail and institutional users.

Currently, 14.12 million XSGD tokens circulate with more than 8 billion on-chain transactions recorded.

Source: StraitsX

A second phase of the XRPL rollout is expected by June 2025, focusing on institutional features such as programmable payouts and merchant settlements, alongside compliance tools.

This phase aims to meet the operational needs of businesses and regulators while maintaining the flexibility of digital assets.

What Is Driving Demand for Stablecoins Like XSGD in Asia

Cross-border commerce in Asia is forecasted to exceed US$4 trillion by 2030, while global cross-border payments could reach US$250 trillion by 2027.

In this context, stablecoins that combine regulatory oversight with the advantages of blockchain technology are seen as essential for the next generation of digital payments.

StraitsX’s participation in the Monetary Authority of Singapore’s Project Orchid, a multi-year initiative to develop infrastructure for Singapore dollar-backed stablecoins, reinforces its commitment to this vision.

How Is XSGD Used Beyond Institutional Finance

Retail applications are already part of the trial phase.

For example, since November 2024, tourists from nine countries can make payments with their local apps via GrabPay merchants in Singapore, with funds settling immediately in XSGD through a partnership involving Alipay+.

This offers a practical glimpse into how stablecoins can facilitate seamless cross-border consumer payments.

By integrating XSGD onto XRPL, StraitsX is broadening access to a digital Singapore dollar that supports programmable financial flows, faster settlements, and greater transparency — all critical for the evolving digital economy.