StraitsX USD, a stablecoin pegged to the US dollar and issued by a Singaporean company, jumped by as much as 5% after the announcement from Binance about its listing on March 19.
On March 17, Binance shared its plans to list StraitsX USD and to commence trading for the XUSD/USDT spot trading pair starting March 19 at 08:00 UTC.
Additionally, Binance users will benefit from zero trading fees for the XUSD/USDT (USDT) trading pair and margin trading pairs from the launch date, with this promotion lasting indefinitely. Users will be able to start withdrawing XUSD from the exchange on March 20 at 08:00 UTC.
Following the listing announcement, the USD-pegged stablecoin’s price spiked, reaching a peak of $1.05, despite its typical price hovering around $0.99 to $1.00. At the time of reporting, the stablecoin had climbed by 3.5% to $1.03.
The current market capitalization of XUSD is almost $33 million, with a trading volume of $3.3 million recorded in the past 24 hours. The total supply of XUSD in circulation stands at 22.3 million.
StraitsX USD is a stablecoin tied to the U.S. dollar, fully backed by reserve assets on a 1:1 basis with the U.S. dollar. It aims to facilitate quick transactions and can be utilized for cross-border remittances, on-chain trading, DeFi applications, corporate treasury management, and settling payments with merchants.
StraitsX is recognized as a licensed payment institution by the Monetary Authority of Singapore and is part of the Fazz ecosystem, which supports business banking across Southeast Asia. Besides XUSD, StraitsX also offers XSGD and XIDR, which are stablecoins pegged to the Singapore dollar and the Indonesian rupiah, respectively.
Recently, Singaporean department store chain Metro announced the acceptance of stablecoin payments at its physical locations and online store, Metro Mall. Furthermore, in 2023, the Monetary Authority of Singapore introduced a regulatory framework for stablecoins linked to the Singapore dollar or any G10 currencies, provided their circulation exceeds $5 million SGD.