StraitsX, a Southeast Asian digital asset payment infrastructure provider, has received Major Payment Institution (MPI) licenses from the Monetary Authority of Singapore (MAS).
The licenses were granted to StraitsX USD Issuance Pte. Ltd., StraitsX SGD Issuance Pte. Ltd. and StraitsX Payment Services Pte. Ltd.
Additionally, Xfers Pte. Ltd. obtained permission to expand its existing MPI license to include account issuance, domestic and cross-border money transfers, merchant acquisition and digital payment token services.
These licenses enable StraitX to provide various digital payment token services.
This development follows the previous one advertisement In November 2023, StraitsX, together with Paxos, received In-Principle Approvals (IPA) from MAS to issue stablecoins.
In addition to this, StraitsX also has Enter XUSD, a fiat-pegged USD stablecoin, aimed at digitizing currencies essential to global trade.
Launched on Ethereum in February 2024, XUSD is available as an ERC-20 token with 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 made and traded on the StraitsX platform and is listed on exchanges such as Uniswap and MEXC, with more to follow.
XUSD stablecoin has been approved by MAS as meeting the following stablecoin regulatory framework.
To ensure transparency and security, the reserve assets backing XUSD will be maintained at 100% of outstanding stablecoins, subject to independent audits.
StraitsX has partnered with major banks for cash management and custody of these reserve assets.
Tianwei Liu
Tianwei Liu, CEO and founder of StraitsX, said:
“The launch of XUSD and our recent MPI license are important steps forward in simplifying and securing payment settlements.
These achievements demonstrate our commitment to building a secure and compliant digital asset ecosystem in Southeast Asia, and the approval by the Monetary Authority of Singapore further highlights our dedication to trust and compliance.”
Jason Tay
Jason Tay, Head of Trading at StraitsX, added:
“Stablecoins will play an increasingly important role in the global financial landscape.
We believe the addition of XUSD will enable advancements in speed, security and transparency for payments and settlements in Southeast Asia and drive greater interoperability between platforms and networks.
StraitsX, part of the Fazz ecosystem, It provides payment infrastructure for digital assets in Southeast Asia.
The company provides personal and business account owners with the ability to mine, trade and exchange stablecoins, manage payments and connect to digital asset platforms.
Featured Image Credit: Edited from here Freepik
