In a most astonishing turn of events, the StraitsX USD, that rather unassuming stablecoin from Singapore, has decided to take a leap of faith, soaring a staggering 5% after Binance, in a fit of generosity, announced it would be listing this token on the 19th of March. Who knew a mere listing could send such ripples through the crypto pond? 🐟
On the 17th of March, Binance, in its infinite wisdom, declared that it would be listing StraitsX USD and opening trading for the XUSD/USDT spot trading pair starting from the 19th at 08:00 UTC. Mark your calendars, folks! 🗓️
But wait, there’s more! In a move that can only be described as a gift from the crypto gods, Binance users will enjoy zero trading fees for the XUSD/USDT trading pair and margin trading pairs for an indefinite period. Yes, you heard that right—free! Users can start withdrawing their precious XUSD on the crypto exchange on the 20th of March at 08:00 UTC. What a time to be alive! 🎉
Shortly after Binance’s announcement, the USD-pegged stablecoin experienced a delightful spike in value, reaching a dizzying $1.05, despite its average price being a rather pedestrian $0.99 to $1.00. At the time of writing, the stablecoin has climbed by 3.5% to a respectable $1.03. Who knew stability could be so thrilling? 📈
XUSD’s market cap currently stands at a jaw-dropping nearly $33 million. In the past 24 hours, this stablecoin has racked up a trading volume of $3.3 million. With a total supply of 22.3 million XUSD already circulating, it seems the world is finally waking up to the wonders of stablecoins! 💸
StraitsX USD, that charming little stablecoin, is pegged to the U.S. dollar and is issued by the ever-so-reliable StraitsX. Fully backed by reserve assets on a 1:1 basis with the U.S. dollar, XUSD is designed for rapid transactions. It can also be used for cross-border remittances, on-chain trading, DeFi applications, corporate treasury management, and merchant settlements. Quite the multitasker, isn’t it? 🤹♂️
StraitsX is a payment institution licensed by the Monetary Authority of Singapore, and it’s part of the Fazz ecosystem, which facilitates business banking for Southeast Asia. Besides XUSD, StraitsX has also graced us with XSGD and XIDR, stablecoins pegged to the Singapore dollar and Indonesian rupiah, respectively. Truly a cornucopia of currency! 🌍
Last month, the illustrious Singaporean department store chain Metro announced it has begun accepting stablecoin payments from customers in both physical stores and its online store, Metro Mall. And let’s not forget, back in 2023, the Monetary Authority of Singapore unveiled a regulatory framework for stablecoins linked to the Singapore dollar or any G10 currencies, provided their circulation surpasses $5 million SGD. Because who doesn’t love a good regulation? 📜
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2025-03-17 12:32