Singapore-based digital payment infrastructure provider and stablecoin issuer, StraitsX, is teaming up with Standard Chartered to enhance the reserve management of its stablecoins.
As part of the collaboration, Standard Chartered will serve as the latest trusted banking partner of StraitsX, providing cash management and custody services for the reserve assets backing StraitsX’s US Dollar and Singapore Dollar stablecoins, XUSD and XSGD.
This partnership will also aim to strengthen essential payment rails, facilitating seamless and secure access to XUSD and XSGD for businesses and individuals.
“Our collaboration with Standard Chartered, a global leader with a deep legacy in finance, marks a significant step in enhancing the security and resilience of our stablecoin ecosystem,” explained Jason Tay, head of commercial at StraitsX. “This partnership not only reinforces the reliability of XUSD and XSGD but also provides businesses and financial institutions with a trusted, well-regulated bridge into digital assets, accelerating their integration into global commerce and payments.”
StraitsX’s XUSD and XSGD are fully-backed stablecoins issued in compliance with the Monetary Authority of Singapore’s upcoming stablecoin regulatory framework. By partnering with Standard Chartered, StraitsX aims to bolster its mission to enhance cross-border payments by bridging the stability and trust of traditional banking with the innovation of digital assets.
Blockchain-powered finance
As the global demand for trusted, efficient, and interoperable digital payment solutions continues to accelerate, this partnership looks to set a new benchmark for the integration of blockchain-powered finance with institutional banking expertise, advancing the future of regulated, cross-border digital transactions.
The partnership leverages Standard Chartered’s global banking expertise, cash management, and custody services to build trust and resilience in the digital asset ecosystem.
“This partnership further expands Standard Chartered’s wide-ranging involvement across the digital asset ecosystem, reinforcing our role in supporting responsible growth within the industry as well as the bank’s regard for digital assets as an important and permanent part of the future of financial services,” added Luke Boland, head of fintech, Asia at Standard Chartered Bank. “We look forward to working closely with StraitsX and the growing ecosystem to enhance essential payment rails that make digital financial services more accessible and efficient.”
As Singapore advances its vision for digital finance with a progressive regulatory framework, this collaboration cements Standard Chartered as a key enabler in driving responsible and sustainable growth within the industry. Standard Chartered’s extensive experience in cash management and custody services also aligns with Singapore’s progressive regulatory framework for digital assets.
