StraitsX USD stablecoin rises 5% after Binance listing
StraitsX USD, a Singaporean firm-issued USD stablecoin, soared as high as 5% after Binance announced it will be listing the token on March 19.
On Mar. 17, Binance announced that it will be listing StraitsX USD and open trading for the XUSD/USDT spot trading pair starting from March 19 at 08:00 UTC.
In addition to the launch, Binance users will receive zero trading fee for the XUSD/USDT (USDT) trading pair and margin trading pairs since the launch date for an indefinite period of time. Users can begin withdrawing XUSD on the crypto exchange on Mar. 20 at 08:00 UTC.
Shortly after Binance released its listing notice for XUSD, the USD-pegged stablecoin experienced a spike in value, reaching as high as $1.05, despite its average price being around $0.99 to $1.00. At press time, the stablecoin has gone up by 3.5% to $1.03.
XUSD’s market cap currently stands at nearly $33 million. In the past 24 hours, the stablecoin has accumulated a trading volume of $3.3 million. The token has a total supply of 22.3 million XUSD already circulating on the market.
StraitsX USD is a stablecoin pegged to the U.S. dollar that is issued by Singapore-based firm StraitsX. XUSD is fully backed by reserve assets on a 1:1 basis with the U.S. dollar. XUSD is designed to facilitate rapid transactions. The stablecoin can also be used for cross-border remittances, on-chain trading, DeFi applications, corporate treasury management, and merchant settlements.
StraitsX is a payment institution with a license from the Monetary Authority of Singapore. The firm is also part of the Fazz ecosystemm which facilitates business banking for countries in the Southeast Asian region. Aside from XUSD, StraitX also issued XSGD and XIDR, stablecoins pegged to the Singapore dollar and Indonesian rupiah respectively.
Last month, Singaporean department store chain Metro announced that has started accepting stablecoin payments from customers in physical stores and its online store Metro Mall. Back in 2023, the Monetary Authority of Singapore unveiled regulatory framework for stablecoins linked to the Singapore dollar or any G10 currencies, if their circulation surpasses $5 million SGD.
