StraitsX, a Southeast Asian digital asset settlement infrastructure provider, has received a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).
The licences were issued to StraitsX USD Issuance Pte. Ltd., StraitsX SGD Issuance Pte. Ltd. and StraitsX Payment Services Pte. Ltd.
Additionally, Xfers Pte. Ltd. has received approval to expand its existing MPI license to include account issuance, domestic and cross-border remittance, merchant acquiring, and digital payment token services.
These licenses allow: Straits X We offer a range of digital payment token services.
This development is similar to the previous announcement In November 2023, StraitsX, together with Paxos, received in-principle approval (IPA) from the MAS to issue stablecoins.
In addition to this, StraitsX Introduced XUSD is a fiat-pegged US dollar stablecoin that aims to digitize currencies essential to global trade.
Launched on Ethereum in February 2024, XUSD will be available as an ERC-20 token and plans to expand to other blockchain networks and DeFi protocols.
XUSD is designed for fast, global, 24/7 payments and is pegged 1:1 to the US Dollar.
It can be issued and redeemed on the StraitsX platform and is listed on exchanges such as Uniswap and MEXC, with more to come.
The XUSD stablecoin has been certified by MAS as compliant with the upcoming stablecoin regulatory framework.
To ensure transparency and security, the reserve assets backing XUSD will be subject to independent audits and held at a level equivalent to at least 100% of the issued stablecoins.
StraitsX has partnered with leading banks for cash management and safekeeping of these reserve assets.
Liu Tianwei
Tianwei Liu, CEO and co-founder of StraitsX, said:
“The introduction of XUSD and our recent MPI license represent a major step forward towards simplifying and securing payment settlement.
These achievements demonstrate our commitment to building a safe and compliant digital asset ecosystem in Southeast Asia, and the approval from the Monetary Authority of Singapore further underscores our commitment to trust and compliance.”
Jason Tay
Jason Tay, head of commercial at StraitsX, added:
“Stablecoins will play an increasingly important role in the global financial landscape.
We believe the addition of XUSD will dramatically improve the speed, security and transparency of payments and settlements within Southeast Asia, while also promoting greater interoperability between platforms and networks.”
Featured Image Credit: Free Pick
