StraitsX, a platform that provides services related to payment with digital assets in Southeast Asia, has started an exclusive partnership with the Hedera network. As a part of the collaboration, StraitsX announced that its local XSGD (StraitsX Singapore Dollar) token will now be supported on Hedera. Since the launch of the token back in 2020’s October, it has obtained considerable adoption.
StraitsX and Hedera Join Forces for XSGD Stablecoin’s Launch
As a result of this, the crypto token has surpassed the figure of 7B transfers on the chain. This categorized it among the biggest non-USD stablecoins in terms of market capitalization. At the moment, the consumers are permitted to take benefit from the platform of StraitsX for receiving and sending XSGD tokens on Hedera.
There are chances for the Hedera-based XSGD token to get listed on the worldwide crypto exchange platforms in the next months. Hedera is known as a poof-of-stake network operated by hashgraph consensus. It is a leaderless network that has remained successful in achieving top-level security. The platform combines enormous throughput, rapid finality, and low fees, in terms of transfers carried out on Hedera.
These qualities of Hedera are getting considerable popularity along with the cost-effectiveness of the transactions. HBAR is Hedera’s native token that is energy-efficient and is responsible for powering the decentralized economy. The support provided by the Hedera for XSGD is in line with the chief objectives set by the HBAR Foundation.
The entrepreneurs on the platform are offered resources from the ecosystem to develop as well as deploy exclusive apps on Hedera. XSGD provides several benefits on the Hedera network with its fiat-pegged stablecoin to facilitate the end-users. It also supports apps developed on Hedera. It enables rapid cross-border settlement along with predictable and low transaction fees. Additionally, it also offers extreme scalability.
The Launch of the XSGD Token on Hedera Would Enhance Value and Financial Inclusion, Say Executives
StraitsX’s Head Kenny Chan also commented on this development. The executive mentioned that the platform has launched its local token XSGD on Hedera. As per Chan, the respective move will contribute a lot to a growing ecosystem comprising applications that provide real-time payments with the XSGD stablecoin.
With the energy-efficient agenda of Hedera, the stablecoin-based micropayments will become very feasible, Chan added. As per the executive, this will pave the way for enhanced financial inclusion across the region. The HBAR Foundation’s Head of Fintech “Sabbrina Tachdjian” said that Hedera-based apps will witness an increase in their value with the XSGD token.