Popular payment institution Xfers has announced the launch of XSGD, the first Travel Rule compliant stablecoin. XSGD is backed 1:1 with the Singapore dollar (SGD).
The issuing institution, Xfers, in an official blog post, disclosed that the launch stands as an important milestone towards achieving a trusted financial system in Southeast Asia. A system that that is open and accessible to all.
According to the official blog post, users and holders can now easily convert their SGD to XSGD. They simply need to login to their verified Xfers account and bookmark their blockchain address.
Xfers furthermore confirmed the launch on Twitter.
We are excited to unveil the public release of $XSGD – the world’s first Travel Rule compliant #stablecoin, backed 1:1 with the Singapore Dollar (SGD) – with the support of over 20 reputable ecosystem partners.
— Xfers (@xfers) October 5, 2020
Regulatory compliant and secure
The payment institution Xfers currently holds a MAS (Monetary Authority of Singapore) license. This simply means that Xfers can print as many XSGD tokens as it desires using its e-money issuance license. Also, all the minted stablecoins are backed 1:1 with the Singapore dollar.
According to the official blog post, MAS also recently adopted FATF (Financial Action Task Force) Travel Rule guidelines. Xfers added that ensuring the stablecoin complies with PSN01 is a major goal. The XSGD stablecoin complies with FATF Travel Rule and has a working onchain monitoring component brought on by Elliptic and Merkle Science. The Travel Rule is that the payment data associated with the recipient and sender of a cryptocurrency transaction must travel along with the actual payment itself. Lastly, all funds are securely held in separate accounts in MAS-licensed banks.
Xfers is supported by several top custody solutions, such as Fireblocks, Ledger Vault, OnChain Custodian, and even Bitgo. This, in essence, points out the layers of top-notch security Xfers employs. The institution furthermore boasts of a simplified tokenization platform.
Xfers tokenization platform
On this platform, interested users can easily convert the XSGD to SGD and vice versa. With the launch of XSGD, the platform is now open to verified Xfers users. To convert SGD to XSGD, users need to first whitelist their “Ethereum or Zilliqa blockchain address to enable XSGD transfers in and out of the Xfers platform.” Once this is done, they can then easily convert SGD to XSGD and vice versa. The rate of this conversion is 1:1.
Xfers have also partnered with several topnotch institutions in a bid to create more use cases for the XSGD stablecoin. In line with the partnerships, XSGD can be found in a wide range of platforms. These platforms include institutional custodians, exchanges, analytics tools, DeFi, non-custodial wallet solutions, etc.
The ecosystem partners include:
- Personal wallets like Trust Wallet, TokenPocket, Moonlet, Zillet, ImToken, Ledger Nano S, and MyEtherWallet.
- Institutional wallets and custody solutions such as Ledger Vault, Fireblocks, BitGo, and Onchain Custodian.
- Exchanges and trading platforms including Crypto.com Singapore, Sparrow Exchange, QCPCapital, Coinhako, Liquid, and Tokenize Exchange.
- Decentralized finance (DeFi) platforms including Uniswap, Zilswap, Hodlnaut, ms DEXTF, Kyber, and Unagii.com.
- Blockchain analytics like Etherscan, Merkle Science, Elliptic, and Viewblock.
Interestingly, the XSGD stablecoin is available on both Ethereum and Ziliqa protocols. On Ethereum it is an ERC20 token while on Zilliqa it is a ZRC-20 token. Plans are in place to expand the stablecoin ecosystem in the near future.