The announcement was made a few hours ago by the Xfers fintech platform, and it covered the launch of the first blockchain project, StraitsX, a stablecoin that will be based on the Zilliqa (ZIL) blockchain.
At the beginning of the year, Xfers had obtained the approval of the MAS (Monetary Authority of Singapore) for a digital wallet, and this allowed to expand the service to the whole region, serving giants such as Binance Singapore, Coinhako and WoWoo Exchange, but also various operators such as PayFazz and Porter Indonesia.
Thanks to open banking, there has been a revolution in the sector compared to the traditional market and this has allowed, especially for the regions of Southeast Asia, to facilitate and overcome the bureaucratic barriers of conventional banks.
Xfer aims to create a stablecoin, XSGD, pegged 1 to 1 with the Singapore dollar. The project will also be supported by previous partners, who use the services of the company, thereby showing the world their capabilities.
Xfers CEO Tianwei Liu commented:
“Southeast Asia has a heterogeneous landscape, and Xfers wants to empower individuals and businesses to access financial opportunities regardless of their circumstances. StraitsX demonstrates our willingness to adopt technology to propel our vision of building an open banking infrastructure for the region. With the transparency that blockchain provides, as well as the stablecoins being price-pegged to local fiat currencies, StraitsX aims to be the common ledger for digital assets, payments, fund transfers and eCommerce.”
The new stablecoin will use the Scilla programming language, which is used to create smart contracts on the Zilliqa blockchain, and will provide additional security through it, as Zilliqa President Amrit Kumar pointed out:
“We are excited for Xfers as they continue to make inroads into Southeast Asia. Harnessing the features of our enterprise blockchain, Xfers will be able to process a significant increase in user transactions more securely at a scale than other present-day industry blockchain platforms. Spurred on by the promise of greater financial inclusion, efficiencies and mobility, Zilliqa is proud to build on our existing partnership with Xfers to deliver on the shared promise of progress”.
The StraitsX stablecoin will be fully operational in just under a month. Just a couple of months ago, the first stablecoin to be pegged to the euro was launched on Zilliqa, demonstrating that this blockchain is proving interesting for many developers.
ZIL is currently at position 80th on CoinMarketCap and is traded at about $0.006.