StraitsX, a digital asset funds infrastructure supplier in Southeast Asia, has acquired Main Cost Establishment (MPI) licenses from the Financial Authority of Singapore (MAS).
The licenses have been issued to StraitsX USD Issuance Pte. Ltd., StraitsX SGD Issuance Pte. Ltd., and StraitsX Cost Companies Pte. Ltd.
Moreover, Xfers Pte. Ltd. obtained approval to develop its current MPI license to incorporate account issuance, home and cross-border cash transfers, service provider acquisition, and digital cost token companies.
These licenses allow StraitsX to supply numerous digital cost token companies.
This improvement follows the sooner announcement in November 2023, the place StraitsX, together with Paxos, acquired In-Precept Approvals (IPA) from MAS to situation stablecoins.
Along with this, StraitsX has launched XUSD, a fiat-pegged USD stablecoin, geared toward digitising currencies important for world commerce.
Launched on Ethereum in February 2024, XUSD is out there as an ERC-20 token with plans to develop to different blockchain networks and DeFi protocols.
XUSD is designed for quick, world, and 24/7 funds and is pegged 1:1 to the US greenback.
It may be minted and redeemed on the StraitsX platform and is listed on exchanges like Uniswap and MEXC, with extra to comply with.
The XUSD stablecoin has been acknowledged by MAS as compliant with the forthcoming stablecoin regulatory framework.
To make sure transparency and safety, reserve property backing XUSD might be held at a stage equal to at the very least 100% of the excellent stablecoins, topic to impartial audits.
StraitsX has partnered with main banks for money administration and custody of those reserve property.
Tianwei Liu
Tianwei Liu, CEO and Co-founder of StraitsX mentioned,
“The launch of XUSD and our latest MPI licences symbolize main steps ahead in simplifying and securing cost settlements.
These achievements show our dedication to constructing a secure and compliant digital asset ecosystem in Southeast Asia, and the approval from the Financial Authority of Singapore additional highlights our dedication to belief and compliance.”
Jason Tay
Jason Tay, Head of Industrial, StraitsX, added,
“Stablecoins will play an more and more pivotal position within the world monetary panorama.
We imagine that the addition of XUSD will allow a leap ahead in pace, safety, and transparency for funds and settlements inside Southeast Asia and drive higher interoperability throughout platforms and networks.”
Featured picture credit score: Edited from Freepik
