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Information about "StraitsX USD"
In February 2024, StraitsX introduced the smart contract for XUSD on the Ethereum platform. This initiative was crafted to enable quick, worldwide, and round-the-clock transactions. XUSD aims to connect ASEAN's financial network with the reliability of the world's leading reserve currency. Each unit of XUSD maintains a fixed value with one United States Dollar. It has gained recognition from the Monetary Authority of Singapore (MAS) for complying with Singapore's forthcoming stablecoin regulations.
What is XUSD?
XUSD is a stablecoin linked to the U.S. Dollar, issued by StraitsX, a Major Payment Institution licensed in Singapore. Fully backed by reserve assets, this digital currency is optimized for global, continuous transactions. Operating on the Ethereum blockchain, XUSD ensures transactions are completed in mere seconds, making it a dependable choice for fluid financial activities. The XUSD smart contract was first introduced in February 2024, aiming to integrate ASEAN's financial system with the steadiness of the U.S. Dollar, the world's foremost reserve currency.
StraitsX builds trust by providing monthly reserve attestation reports from a registered auditing firm under ISCA. XUSD is also audited by Quantstamp, reinforcing its dependability. The Monetary Authority of Singapore (MAS) has recognized XUSD for aligning with Singapore's upcoming stablecoin regulatory standards, adding credibility.
Besides its core attributes, XUSD acts as a stablecoin aggregator. It's supported by a combination of aggregated stablecoins, providing a diversified method to ensure stability. This feature makes XUSD a flexible tool in the DeFi world, with various uses that expand its potential applications. Its integration with StraitsX payment services enhances its functionality, offering a comprehensive solution for contemporary financial needs.
StraitsX builds trust by providing monthly reserve attestation reports from a registered auditing firm under ISCA. XUSD is also audited by Quantstamp, reinforcing its dependability. The Monetary Authority of Singapore (MAS) has recognized XUSD for aligning with Singapore's upcoming stablecoin regulatory standards, adding credibility.
Besides its core attributes, XUSD acts as a stablecoin aggregator. It's supported by a combination of aggregated stablecoins, providing a diversified method to ensure stability. This feature makes XUSD a flexible tool in the DeFi world, with various uses that expand its potential applications. Its integration with StraitsX payment services enhances its functionality, offering a comprehensive solution for contemporary financial needs.
What is the technology behind XUSD?
XUSD is a stablecoin identified by the ticker XUSD, functioning on the Ethereum blockchain, a decentralized platform recognized for its strong security and smart contract capabilities. This blockchain serves as a public ledger that records all transactions in a transparent and unchangeable way, guaranteeing that once information is entered, it remains fixed and untouchable. This characteristic is essential for preserving the integrity of financial transactions and preventing fraud.
Ethereum uses a consensus mechanism known as Proof of Stake (PoS) to protect the network from attacks. In PoS, validators are selected to create new blocks and confirm transactions based on the number of coins they possess and are willing to "stake" as collateral. This system makes it economically infeasible for malicious entities to seize control of the network, as they would need to own a substantial portion of Ethereum's total supply, which would be prohibitively costly.
XUSD isn't restricted to just the Ethereum blockchain; it operates across multiple chains, enhancing its adaptability and reach. This multi-chain functionality allows users to bridge and exchange XUSD across various blockchain networks, providing greater versatility and reducing dependence on a single blockchain's performance and security.
A standout feature of XUSD is its role as a stablecoin aggregator. Unlike traditional stablecoins that are backed solely by fiat currencies, XUSD is partially backed by commodities and partially algorithmic. This hybrid model aims to ensure stability while harnessing the advantages of decentralized finance (DeFi). The algorithmic part helps maintain the peg to the U.S. Dollar by adjusting XUSD's supply according to market demand, while the collateralized portion guarantees tangible backing for the stablecoin.
The deployment of XUSD's smart contract on Ethereum by StraitsX in February 2024 marked a significant milestone, designed to enable fast, global, and continuous payments. XUSD aims to connect ASEAN's financial landscape with the stability of the U.S. Dollar. Each XUSD token is pegged to one U.S. Dollar, providing a stable value crucial for users who wish to steer clear of the typical volatility of cryptocurrencies.
XUSD's adherence to regulatory frameworks is another vital aspect of its technology. The Monetary Authority of Singapore (MAS) has recognized XUSD's compliance with Singapore's upcoming stablecoin regulations, offering users an additional layer of trust and security.
In the DeFi arena, XUSD distinguishes itself with its unique staking protocol. Users can stake XUSD tokens to earn rewards, contributing to the network's security and liquidity. This staking mechanism not only encourages users to hold and use XUSD but also boosts the ecosystem's overall stability and strength.
The decentralized aspect of XUSD ensures no single entity holds control over the stablecoin, aligning with the fundamental principles of blockchain technology. This decentralization is achieved through a network of validators and smart contracts that automate processes and enforce rules without intermediaries.
Ethereum uses a consensus mechanism known as Proof of Stake (PoS) to protect the network from attacks. In PoS, validators are selected to create new blocks and confirm transactions based on the number of coins they possess and are willing to "stake" as collateral. This system makes it economically infeasible for malicious entities to seize control of the network, as they would need to own a substantial portion of Ethereum's total supply, which would be prohibitively costly.
XUSD isn't restricted to just the Ethereum blockchain; it operates across multiple chains, enhancing its adaptability and reach. This multi-chain functionality allows users to bridge and exchange XUSD across various blockchain networks, providing greater versatility and reducing dependence on a single blockchain's performance and security.
A standout feature of XUSD is its role as a stablecoin aggregator. Unlike traditional stablecoins that are backed solely by fiat currencies, XUSD is partially backed by commodities and partially algorithmic. This hybrid model aims to ensure stability while harnessing the advantages of decentralized finance (DeFi). The algorithmic part helps maintain the peg to the U.S. Dollar by adjusting XUSD's supply according to market demand, while the collateralized portion guarantees tangible backing for the stablecoin.
The deployment of XUSD's smart contract on Ethereum by StraitsX in February 2024 marked a significant milestone, designed to enable fast, global, and continuous payments. XUSD aims to connect ASEAN's financial landscape with the stability of the U.S. Dollar. Each XUSD token is pegged to one U.S. Dollar, providing a stable value crucial for users who wish to steer clear of the typical volatility of cryptocurrencies.
XUSD's adherence to regulatory frameworks is another vital aspect of its technology. The Monetary Authority of Singapore (MAS) has recognized XUSD's compliance with Singapore's upcoming stablecoin regulations, offering users an additional layer of trust and security.
In the DeFi arena, XUSD distinguishes itself with its unique staking protocol. Users can stake XUSD tokens to earn rewards, contributing to the network's security and liquidity. This staking mechanism not only encourages users to hold and use XUSD but also boosts the ecosystem's overall stability and strength.
The decentralized aspect of XUSD ensures no single entity holds control over the stablecoin, aligning with the fundamental principles of blockchain technology. This decentralization is achieved through a network of validators and smart contracts that automate processes and enforce rules without intermediaries.
What are the real-world applications of XUSD?
XUSD (XUSD) is a stablecoin engineered to maintain a 1:1 link with the U.S. Dollar, ensuring its value remains steady. This stability makes it highly valuable for numerous real-world applications. One of XUSD's primary uses is in international payments. By harnessing blockchain technology, XUSD allows fast, always-available transactions across borders, making it a practical tool for global trade and remittances.
A further significant use of XUSD is within the decentralized finance (DeFi) sector. XUSD can be used as collateral on lending and borrowing platforms, providing a stable asset that reduces the volatility typically seen with cryptocurrencies. This stability also makes XUSD appealing for high-yield savings accounts in both traditional and decentralized financial systems.
XUSD also plays a role in Central Bank Digital Currency (CBDC) initiatives. By acting as a stablecoin aggregator, XUSD supports the integration of various digital currencies, improving the efficiency and interoperability of financial systems. This function is vital in modernizing financial infrastructure and fostering the adoption of digital currencies.
Additionally, XUSD facilitates smooth payments within the ASEAN financial ecosystem. The smart contract for XUSD was first introduced on Ethereum by StraitsX in February 2024, with the goal of linking the region's financial systems to the steadiness of the U.S. Dollar. This initiative has been recognized by the Monetary Authority of Singapore (MAS) for complying with upcoming stablecoin regulations, further establishing XUSD as a trustworthy and transparent financial tool.
With complete backing by reserve assets, each XUSD token can be exchanged for one U.S. Dollar. This backing provides users assurance in the token's value and dependability, making it a preferred choice for both individual and institutional users seeking a stable and transparent digital currency.
A further significant use of XUSD is within the decentralized finance (DeFi) sector. XUSD can be used as collateral on lending and borrowing platforms, providing a stable asset that reduces the volatility typically seen with cryptocurrencies. This stability also makes XUSD appealing for high-yield savings accounts in both traditional and decentralized financial systems.
XUSD also plays a role in Central Bank Digital Currency (CBDC) initiatives. By acting as a stablecoin aggregator, XUSD supports the integration of various digital currencies, improving the efficiency and interoperability of financial systems. This function is vital in modernizing financial infrastructure and fostering the adoption of digital currencies.
Additionally, XUSD facilitates smooth payments within the ASEAN financial ecosystem. The smart contract for XUSD was first introduced on Ethereum by StraitsX in February 2024, with the goal of linking the region's financial systems to the steadiness of the U.S. Dollar. This initiative has been recognized by the Monetary Authority of Singapore (MAS) for complying with upcoming stablecoin regulations, further establishing XUSD as a trustworthy and transparent financial tool.
With complete backing by reserve assets, each XUSD token can be exchanged for one U.S. Dollar. This backing provides users assurance in the token's value and dependability, making it a preferred choice for both individual and institutional users seeking a stable and transparent digital currency.
What key events have there been for XUSD?
XUSD (XUSD) made its mark in the crypto market when its smart contract was first launched on Ethereum in February 2024 by StraitsX. This launch was the beginning of XUSD's mission to enable rapid, global, and around-the-clock payments, aiming to connect ASEAN's financial ecosystem with the stability of the U.S. Dollar. Each XUSD is tied to one USD, ensuring both stability and reliability.
A major milestone for XUSD was obtaining MPI licenses from the Monetary Authority of Singapore (MAS), which highlighted the credibility and regulatory compliance of XUSD within Singapore's rigorous financial framework. This MAS recognition also confirmed XUSD's adherence to Singapore's upcoming stablecoin regulations, strengthening its market position.
The introduction of XUSD as a stablecoin was another significant achievement. This launch aimed to offer a stable and trustworthy digital asset, fully supported by reserve assets. The backing ensures every XUSD holds a value equivalent to one USD, reassuring users of its stability. Additionally, XUSD undergoes audits by an ISCA-listed auditing firm, ensuring transparency and reliability in its operations.
In terms of adoption and integration, XUSD has made notable progress. It has been incorporated into various platforms, including StraitsX, broadening its utility and accessibility. This integration has facilitated seamless transactions and interoperability within the digital asset network, promoting broader acceptance of XUSD.
One remarkable achievement for XUSD was exceeding SGD 2 billion in digital asset transactions, showcasing the increasing acceptance and use of XUSD in the market. This milestone reflects its robustness and the trust users place in it. The transaction volume also highlights XUSD's scalability and efficiency in managing large-scale digital asset exchanges.
Market trends and developments indicate a positive trajectory for XUSD, suggesting potential for growth and wider adoption. The recent rise in XUSD's price demonstrates its growing demand and the market's confidence in its value proposition. This trend signifies a promising future for XUSD as it continues to expand its presence in the cryptocurrency market.
Overall, XUSD has established itself as a stable and compliant stablecoin, boasting significant milestones that highlight its potential and influence in the digital asset sphere.
A major milestone for XUSD was obtaining MPI licenses from the Monetary Authority of Singapore (MAS), which highlighted the credibility and regulatory compliance of XUSD within Singapore's rigorous financial framework. This MAS recognition also confirmed XUSD's adherence to Singapore's upcoming stablecoin regulations, strengthening its market position.
The introduction of XUSD as a stablecoin was another significant achievement. This launch aimed to offer a stable and trustworthy digital asset, fully supported by reserve assets. The backing ensures every XUSD holds a value equivalent to one USD, reassuring users of its stability. Additionally, XUSD undergoes audits by an ISCA-listed auditing firm, ensuring transparency and reliability in its operations.
In terms of adoption and integration, XUSD has made notable progress. It has been incorporated into various platforms, including StraitsX, broadening its utility and accessibility. This integration has facilitated seamless transactions and interoperability within the digital asset network, promoting broader acceptance of XUSD.
One remarkable achievement for XUSD was exceeding SGD 2 billion in digital asset transactions, showcasing the increasing acceptance and use of XUSD in the market. This milestone reflects its robustness and the trust users place in it. The transaction volume also highlights XUSD's scalability and efficiency in managing large-scale digital asset exchanges.
Market trends and developments indicate a positive trajectory for XUSD, suggesting potential for growth and wider adoption. The recent rise in XUSD's price demonstrates its growing demand and the market's confidence in its value proposition. This trend signifies a promising future for XUSD as it continues to expand its presence in the cryptocurrency market.
Overall, XUSD has established itself as a stable and compliant stablecoin, boasting significant milestones that highlight its potential and influence in the digital asset sphere.
Who are the founders of XUSD?
XUSD (XUSD) has emerged as a key player in the cryptocurrency arena, designed to enable swift, global, continuous payments. The smart contract for XUSD on Ethereum was first launched in February 2024 by StraitsX. Casper du Toit is credited as the founder of XUSD, playing a crucial role in creating a stablecoin that connects ASEAN's financial network with the reliability of the U.S. Dollar. Each XUSD is anchored to one USD and has been acknowledged by the Monetary Authority of Singapore (MAS) for its compliance with Singapore's upcoming stablecoin regulations.
"StraitsX USD" price data