We have recently launched XUSD, the StraitsX U.S. Dollar stablecoin.  Each XUSD is pegged to one United States Dollar, and is designed to facilitate swift, global, and 24/7 payments. The launch of XUSD marks our continued expansion of stablecoin utility in digital payments. Learn more about XUSD here.

How to get XUSD?

XUSD is currently available for minting and redemption on the StraitsX platform today. In addition, XUSD is listed on multiple decentralised and centralised exchanges, including Uniswap and MEXC, with other exchanges to be included in the coming months.

XUSD Bank Transfers

Bank Transfers are now available for XUSD on the StraitsX platform, offering seamless integration for users. A Transfer In of funds from a USD bank account will be automatically converted to XUSD with zero fees. Conversely, users can also redeem their XUSD back to USD at any time, maintaining a 1-to-1 conversion rate on the StraitsX platform.

A. Transfer in USD to receive XUSD

1. Log in to your account and select ‘Transfer In’ tab
2. Select ‘XUSD’ as the asset to transfer and ‘Bank Transfer’ as your transfer method
3. A virtual account will be generated for you to transfer in USD funds. Click ‘Apply Now’ to proceed.
4.  Note that the process of virtual account generation may take up to 2 days due to verification checks by our banking partner. 
5. Follow the Transfer In instructions listed and make a SWIFT transfer from your bank’s mobile app or website.

Your inbound transfer request will be processed and reflected in your StraitsX account dashboard. For USD bank transfers in, overseas bank accounts are accepted and zero transaction fees are imposed.

B. Transfer Out XUSD to redeem USD

1. Log in to your StraitsX account and select ‘Transfer Out’ tab
2. Select ‘XUSD’ as the asset to transfer out and ‘Bank Transfer’ as your Transfer Out method
3. Select the bank account to transfer USD to
4. Input the amount to transfer and select ‘Transfer Out’ to proceed
5. Confirm the recipient and transfer amount details
6. Authenticate and verify your outbound transfer by 2FA.

Your outbound transfer request will be processed and may take a few business days to be reflected in your bank account. Both Singaporean-based and overseas bank accounts are now supported for outbound transfers. Please note that a flat transaction fee of USD 40 is applied for every bank transfer out transaction.

XUSD Blockchain Transfers

‍Aside from bank transfers, StraitsX users can now Transfer In or Out XUSD via blockchain transfers. Please note that both custodial and non-custodial addresses are supported and must be whitelisted before initiating a transaction. For more details on blockchain address management, please review our FAQ. 

A. XUSD Blockchain Transfer In

1. Log in to your account and select ‘Transfer In’ tab
2.  Select ‘XUSD’ as the asset to transfer in and ‘Blockchain Transfer’ as your transfer method.
3. Select ‘Ethereum’ as your network
4. Click ‘Transfer In’
5. Follow the Transfer In instructions

Your inbound request will be executed immediately and your new XUSD balance will be reflected in your StraitsX account. Please note that a flat network fee of 0.5 XUSD will apply for blockchain Transfer In.

B. XUSD Blockchain Transfer Out

1. Log in to your StraitsX account and select ‘Transfer Out’ tab
2. Select ‘XUSD’ as the asset to transfer out and ‘Bank Transfer’ as your Transfer Out method
3. Select ‘Ethereum’ as the network
4. Choose your preferred custodial or non-custodial blockchain address to transfer out XUSD
5. Input the amount of transfer
6. Click ‘Transfer Out’ to proceed
7. Confirm the recipient and transfer amount details
8. Click ‘Proceed’ to continue
9. Authenticate your outbound transfer by 2FA
10. Click ‘Verify’ to proceed

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Please note that it may take up to 1 business day for the updated balance to be reflected in your blockchain wallet. In most cases, transactions will be completed within an hour. Please note that network fees for a blockchain Transfer Out will apply, and are capped at 30 XUSD.

Swap tokens for XUSD

‍XUSD swap pairs are now available via StraitsX Swap. Available pairings are XUSD:XSGD and XUSD:USDC. StraitsX Swap allows you to trade between different digital currencies 24/7 for greater flexibility in the management of your stablecoin holdings. Follow the steps below to initiate a swap:

1. Log in to your StraitsX account and select ‘Swap’ tab
2. Select ‘XUSD’ as the stablecoin currency you want to buy 
3. Enter the amount and stablecoin you wish to sell, and click 'Preview Swap'.
4. A preview of your Swap transaction will be displayed to you.
5. Click “Swap Now’ once you have confirmed your transaction.
6. Your transaction will only take a few seconds to be processed and the new balance will already be reflected in your account.
   

Leverage XUSD’s growing ecosystem‍

You may also opt to leverage decentralised and centralised exchanges including Uniswap, and  MEXC to buy or sell XUSD. With blockchain transfers of XUSD supported via the StraitsX platform, users can Transfer In or Transfer Out XUSD directly to-and-from supported exchange partner wallet addresses, and preferred blockchain wallet addresses to gain access to an ever growing Web3 decentralised applications (dApps) ecosystem. 

Conclusion

Beyond enhancing your StraitsX experience and providing greater flexibility in managing USD stablecoin assets, the introduction of XUSD marks a major step for us in bridging the region’s financial ecosystem with the stability of the world’s primary reserve currency.

The launch of XUSD also comes as part of our mission to continue offering world-class onramp, offramp, swap and card issuance API solutions tailored to businesses, supported by a robust compliance regime and a licensed stablecoin ecosystem.
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Login or Sign Up for a StraitsX account today to access XUSD!

XUSD whitepaper | CoinMarketCap | CoinGecko