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What is XSGD (XSGD)?
XSGD basic info
What is XSGD?
StraitsX, a Singapore Fintech, has developed XSGD, a cryptocurrency that is fully backed by the Singapore Dollar (SGD). XSGD operates on both the Ethereum and Zilliqa blockchains, providing a digital version of the SGD. StraitsX is dedicated to establishing itself as the leading payments infrastructure for digital assets in Southeast Asia, with a vision to empower individuals and businesses with digital growth opportunities worldwide. The platform is focused on accelerating digital assets access and adoption for everyone, creating a more inclusive financial landscape in Asia and beyond.
How does XSGD Work?
StraitsX's website states that it offers a seamless and secure entry point to digital asset markets and decentralized finance (DeFi) applications through its API and stablecoins, catering to both individuals and businesses. APIs, which stand for Application Programming Interfaces, enable unrelated systems to interact with each other.
XSGD, StraitsX's cryptocurrency, boasts the following key features:
- Compliance with regulations- XSGD is issued by Xfers, a licensed Major Payment Institution (MPI) under the e-currency issuance framework.
- Traditional reserve backing- Each XSGD is fully backed by a Singapore Dollar, which is held and protected in a Singaporean bank.
- Transparency and trustworthiness- Each XSGD can be redeemed for one Singapore Dollar on the platform.
- Multi-chain support- XSGD operates on both Ethereum and Zilliqa networks, providing speed, scalability, and cost-effectiveness.
What is the XSGD Token?
XSGD is the native token of the StraitsX platform and is a stablecoin that is anchored to the Singapore Dollar. It operates on both ERC-20 and ZRC-2 token standards, with the latter being a formal token standard for creating fungible tokens on Zilliqa. XSGD has a range of use cases, including making low-cost and near-instant transfers globally, without the need for a third party in a secure manner. Users can transfer, spend, and receive XSGD with StraitsX ecosystem partners across various blockchains and a wide range of supported applications. Additionally, XSGD can be leveraged in DeFi to swap or provide liquidity, enabling users to take part in the future of finance.
XSGD supply and tokenomics
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What is the development prospect and future value of XSGD?
The market value of XSGD currently stands at $40.88M, and its market ranking is #719. The value of XSGD is not widely recognized by the market. When the bull market comes, the market value of XSGD may have great growth potential.
As a new type of currency with innovative technology and unique use cases, XSGD has broad market potential and significant room for development. The distinctiveness and appeal of XSGD may attract the interest of specific groups, thereby driving up its market value.