StraitsX, Southeast Asia’s leading digital asset infrastructure, has announced the launch of XSGD and XIDR (Polygon) on its platform, enhancing user capabilities in the cryptocurrency space. This development allows StraitsX users to mint and transfer these stablecoins directly from their accounts, with the added functionality of converting them back to Singapore Dollars (SGD) seamlessly.

Polygon has become the third blockchain supported by StraitsX, joining Ethereum and Zilliqa. With the integration of XSGD and XIDR on Polygon, users benefit from faster transaction speeds and significantly lower costs compared to the Ethereum network. Polygon operates as a Layer 2 solution, facilitating decentralized applications (dApps) built for Ethereum and enabling developers to scale their applications efficiently, thus enhancing access to Web3, decentralized finance (DeFi), and NFT markets.

Since its launch in October 2020, the Singapore dollar-backed stablecoin XSGD has seen rapid adoption, accumulating SGD 4.8 billion in on-chain transactions and positioning itself as one of the largest non-USD stablecoins by market capitalization. Similarly, XIDR, launched in November 2021, has gained traction, establishing itself among the largest stablecoins in Southeast Asia.

Aymeric Salley, Head of StraitsX, expressed excitement about the new integration, stating, “We are thrilled to introduce our StraitsX stablecoins into the vibrant Polygon ecosystem, enabling our users to take advantage of the faster settlement times and significantly reduced gas costs.”

Hamzah Khan, Head of DeFi and Labs at Polygon, emphasized the importance of StraitsX’s stablecoins in the cryptocurrency landscape, particularly outside the U.S. He noted, “We look forward to providing the infrastructure that allows the project to flourish in the coming months and years.”

As a licensed Major Payment Institution by the Monetary Authority of Singapore (MAS), StraitsX facilitates fast and secure access to digital asset markets and decentralized finance applications through its APIs and stablecoins. Users with StraitsX personal accounts can mint and redeem stablecoins, manage payments, and connect to various digital asset platforms, while business accounts can leverage API-enabled B2B payment solutions.