XUSD stablecoin expands to Binance, boosting global reach

StraitsX has announced that its US dollar-pegged stablecoin, XUSD, will be listed on Binance, further expanding its reach and accessibility in the digital finance market.

Over the past 12 months, XUSD has gained significant traction across centralised and decentralised financial markets, becoming a prominent digital asset for global transactions. Since its launch in 2024, XUSD has been adopted by various financial institutions, fintechs, decentralised finance platforms, and centralised exchanges. It is currently supported on Ethereum and Binance Smart Chain networks, with plans to integrate with Avalanche, Hedera, and PlatON in the near future.

XUSD operates under a compliance framework acknowledged by the Monetary Authority of Singapore, ensuring alignment with Singapore's forthcoming stablecoin regulatory standards. Each XUSD is backed by approved liquid assets, maintaining a par value of at least 100% of the marked-to-market reserve assets, with bi-monthly attestation reports for public verification.

Since its launch, XUSD has processed USD $250 million in gross transaction volume, with a rise in transactions by 259% in the second half of 2024. Monthly active users have increased 3.4 times since August 2024, with 41% of users being from international markets. XUSD is expected to play a pivotal role in the evolving market for programmable financial infrastructure.

"With a vision to shape the future of digital finance, we launched XUSD to drive a new era of trusted, programmable, and globally connected financial transactions. In just a year, XUSD has become a key enabler of institutional finance, DeFi applications, and cross-border payments, proving its value as a seamless and scalable settlement solution."

"As we embark on our next phase of growth, XUSD's expansion is more than just a milestone; it is a testament to the accelerating adoption of stablecoins as a pillar of the digital economy. We are committed to pioneering this transformation, deepening institutional partnerships, and ensuring stablecoins become an integral part of mainstream finance," said Liu Tianwei, Chief Executive Officer at StraitsX.

In the past year, XUSD has strengthened its presence in institutional and commercial sectors, supported by partnerships with banking entities like DBS and Standard Chartered Bank. These partnerships allow StraitsX users to transfer USD to accounts issued by the banking partners or redeem XUSD to USD in international bank accounts.

StraitsX is exploring a tokenisation project involving XUSD, scheduled for launch in 2025, as part of its strategy to solidify XUSD's status as a cornerstone asset in institutional finance. XUSD is positioned to offer scalable, low-cost, and secure cross-border transactions while enabling on-chain treasury management and settlements.

StraitsX maintains strict security and compliance standards, subjecting XUSD to third-party smart contract audits and bi-monthly attestations by independent auditors, reinforcing its reliability for institutions seeking stablecoin solutions.

"Trust, transparency, and security are the cornerstones of our stablecoin strategy. As digital assets reshape the global economy, StraitsX is committed to setting new benchmarks for institutional-grade stability and financial innovation. With XUSD entering its second year, we are accelerating our efforts to expand interoperability, forge deeper industry partnerships, and advance the role of stablecoins as a critical foundation for the future of global finance," said Jason Tay, Head of Commercial at StraitsX.

StraitsX's asset under management amounts to USD $27 million, with a growing transaction volume, indicating the potential for future innovation within the digital finance sector. The first anniversary of XUSD highlights an ambitious expansion with the aim to increase stablecoins' mainstream accessibility and their adoption in the global financial ecosystem.