StraitsX USD Performance Boosted by Binance Listing

StraitsX USD, a stablecoin issued by Singaporean firm StraitsX, surged up to 5% following Binance’s announcement of its listing on March 17.

On March 17, Binance revealed plans to list StraitsX USD, commencing trading for the XUSD/USDT spot pair on March 19 at 08:00 UTC. As an added incentive, Binance users will enjoy zero trading fees for the XUSD/USDT pair and margin trading pairs indefinitely starting from the launch date. Withdrawals of XUSD on the exchange are available beginning March 20 at 08:00 UTC.

Following Binance’s listing announcement, StraitsX USD’s value jumped, peaking at $1.05, while its average price typically hovers around $0.99 to $1.00. At present, the stablecoin is valued at $1.03, reflecting a 3.5% increase.

Market Statistics

• Market Cap: ~$33 million
• 24-Hour Trading Volume: $3.3 million
• Total Supply: 22.3 million XUSD circulating

StraitsX USD is a USD-pegged stablecoin fully backed by reserves on a 1:1 basis with the U.S. dollar, aiming to facilitate rapid transactions, cross-border remittances, decentralized finance (DeFi), corporate treasury management, and merchant settlements.

StraitsX operates as a licensed payment institution under the Monetary Authority of Singapore and is part of the Fazz ecosystem, which supports business banking across Southeast Asia. Besides XUSD, StraitsX also issues XSGD (Singapore dollar) and XIDR (Indonesian rupiah) stablecoins.

In another development, last month, Singaporean chain Metro announced it started accepting stablecoin payments both in physical stores and on its online platform, Metro Mall. Furthermore, the Monetary Authority of Singapore disclosed a regulatory framework for stablecoins tied to the Singapore dollar or G10 currencies, requiring circulation to exceed $5 million SGD.

> Read more: Singapore unveils regulatory framework for single-currency stablecoins