StraitsX Launches SGD-Pegged Stablecoin Amidst Calls For Onchain Forex Markets

StraitsX, a SEA-based stablecoin issuer, has debuted Solana’s first SGD-based stablecoin, $XSGD. 

The launch coincides with a similar deployment of the firm’s USD-pegged asset, $XUSD, joining StraitsX original product, $XIDR, a stablecoin pegged to the value of the Indonesian Rupiah. 

StraitsX’s $XSDG launch appears to have come at an opportune time, with Solana ecosystem contributors calling for renewed development of the chain’s FX sector.

StraitsX Brings Singaporean Dollar to Solana

Stablecoin-issuer StraitsX has just deployed $XSGD on Solana, marking the chain’s first stablecoin pegged to the value of the Singapore Dollar. Alongside $XSDG, StraitsX has also launched a USD-pegged token, $XUSD, alongside a dedicated swap pathway between the two assets within the StraitsX App.

Prior to launching on Solana, StraitsX’s $XSGD was already available across several other networks, including Ethereum, Base, and Avalanche. However, despite $XSGD’s solid presence on other platforms, the Singapore Dollar-backed stablecoin was seeded with only $500 worth of liquidity on Solana DeFi.

It is likely that deeper $XSGD liquidity is available directly through the StraitsX app, which is currently gated to verified users.

According to a StraitsX blog post, the team is actively pursuing integrations across Solana DeFi, seeking to partner with lending protocols and DEXs to thicken onchain liquidity and expand utility.

Ecosystem Calls for Better Forex Support

StraitsX $XSGD launch on Solana comes at a time when ecosystem participants are calling for greater onchain foreign exchange adoption. One of the biggest financial markets on earth, estimates suggest that Forex markets process around $9.6T in daily trading volume.

Despite the explosive growth and adoption of stablecoins in general, onchain forex trading remains remarkably underserviced. Ecosystem leaders have recently called for greater forex support on Solana, citing existing FX services for retail as fertile ground for disruption.

However, other network contributors argue that the crypto psyche is poorly-equipped to handle the size and volatility (or lack thereof) of forex markets. Compared to the sharp swings of crypto prices, crypto traders are disinterested by the minuscule movements that are typical of Forex trading.

However, that hasn’t stopped emerging perps venues from embracing forex markets. Exchanges like GMTrade and Flash Trade are witnessing growing demand in hyper-leveraged forex pairs, suggesting that traders are beginning to explore this sector of macro markets.

Alongside rising interest in forex perps trading, a recent Dune Analytics report suggests that non-USD stablecoin supply has grown from ~$350M to $1.1B over the past three years, outpacing USD stablecoin growth over the same period.

Read More on SolanaFloor

Futarchy is once again under the spotlight

“The Only Way Out is Through” - MetaDAO Extends Controversial P2P.me ICO

Solana’s App Economy is Dominating Rival Chains