03. StraitsX by Xfers

StraitsX Logo
Table of Contents

About Xfers

StraitsX (XFERS PTE. LTD.) was awarded the Major Payment Institution (MPI) licence for e-money issuance, by the Monetary Authority of Singapore on 28 Jan 2020. It is able to mint unlimited amounts of XSGD tokens under its e-Money issuance licence.

StraitsX Singapore Dollar (XSGD) Stablecoin

Launched by Xfers, powered by open-source blockchain protocols, XSGD which is pegged to the Singapore dollar, is the first stablecoin initiative with a focus on Southeast Asia. As of October 2021, StraitsX has surpassed SGD 2 billion in digital assets related transactions in 2021.

As of September 2022, XSGD runs on the following blockchains:

  • Ethereum
  • Zilliqa
  • Polygon

You can learn more about StraitsX and XSGD from their official support site.

Fully Backed with Fiat Reserves

Each XSGD is backed by one Singapore dollar that is being held and safeguarded in a Singapore bank.

Transparent & Trusted

Each XSGD will always be redeemable on a one-for-one basis with the Singapore Dollar on StraitsX platform.

Multi-chain XSGD

Take advantage of the speed, scalability and cost-efficiency offered by Ethereum and Zilliqa.

What is the StraitsX (formerly Xfers) personal e-wallet account used for?

In Oct 2021, Xfers personal accounts were rebranded as StraitsX personal accounts. Moving forward, users should access their account via the StraitsX platform.

When you connect your StraitsX account to partner digital asset platforms, it can be used to on-ramp/off-ramp fiat SGD currency with the cryptocurrency world.

You can transfer Singapore dollars from your bank account to mint XSGD and redeem XSGD back as Singapore dollars to your bank account. No fees will be incurred when SGD is converted to XSGD and vice versa.

e-wallet limits

To comply with Singapore’s Payment Services Act 2019, certain limits are imposed on the StraitsX e-wallet:

  • S$5,000 maximum personal e-wallet load capacity (the “Loading Limit”);
  • S$30,000 maximum amount that can be transferred out of a personal e-wallet on a 12-month consecutive basis (the “Annual Spending Limit”).
The Monetary Authority of Singapore explains that the rationale for requiring e-wallet issuers to adhere to the Loading and Annual Spending Limits was to limit a customer’s potential loss, since funds held in e-wallets are not protected by deposit insurance, unlike bank deposits.

StraitsX Wallet Ecosystem

StraitsX Wallet Ecosystem
StraitsX Wallet Ecosystem [Oct 2021]

StraitsX Exchange Ecosystem

StraitsX Exchange Ecosystem
StraitsX Exchange Ecosystem [Oct 2021]

Use XSGD with crypto exchanges like:

Over-the-counter (OTC) Service

The StraitsX OTC desk offers fee-free block trades of XSGD with other stablecoins including XIDR, USDC, USDP and BUSD. Trades start from 50,000 USD and receive your desired stablecoin direct to your StraitsX account or your preferred blockchain address.

Benefits of StraitsX OTC desk:

  • Avoid high gas fees and slippage compared to swapping your tokens on CEX/DEX
  • Quick settlement times with trades executed and settled within the same business day