Standard Chartered Bank has announced a strategic partnership with StraitsX, a Singapore-licensed stablecoin issuer, to bolster the reserve management of its U.S. Dollar and Singapore Dollar stablecoins, XUSD and XSGD. This collaboration aims to integrate blockchain-based assets into mainstream finance, enhancing the security and transparency of digital payments.
StraitsX, a leading digital payment infrastructure provider, will benefit from Standard Chartered’s extensive expertise in cash management and custody services. This partnership is set to strengthen essential payment rails, ensuring seamless access to XUSD and XSGD for businesses and individuals. The stablecoins are fully backed and comply with the Monetary Authority of Singapore (MAS)’s upcoming regulatory framework, reinforcing their reliability and trustworthiness.
Jason Tay, Head of Commercial at StraitsX, stated, “At StraitsX, we believe that trust, transparency, and regulatory alignment are fundamental to the mainstream adoption of digital assets. Our collaboration with Standard Chartered marks a significant step in enhancing the security and resilience of our stablecoin ecosystem.”
Luke Boland, Head of Fintech, Asia at Standard Chartered Bank, added, “This partnership further expands Standard Chartered’s involvement across the digital asset ecosystem, reinforcing our role in supporting responsible growth within the industry.”
As global demand for efficient digital payment solutions accelerates, this partnership sets a new benchmark for integrating blockchain-powered finance with institutional banking expertise. It advances the future of regulated, cross-border digital transactions, aligning with Singapore’s vision for digital finance.
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