O2O Internet mobile platform Grab announced the launch of a cryptocurrency deposit service in Singapore, supported by TRON USDT/USDC, BTC, ETH and XSGD. Currently, crypto deposits on Grab are only available in Singapore, and the service may be expanded in the future. Grab is a leading super app in Southeast Asia, headquartered in Singapore, with operations in the areas of delivery, mobility and digital financial services. Grab serves more than 500 cities in 8 countries. At present, the total market capitalization of stablecoins on the TRON chain exceeds $55.4 billion, and the number of accounts held exceeds 40.25 million. Among them, the circulation of the TRON version of USDT has exceeded $53.8 billion, surpassing the Ethereum version of USDT since April 2021 and ranking first.

Ant Financial, Grab and StraitsX have partnered to explore the use of Bonded Currencies (PBMs) for cross-border payments, Golden Finance reported. PBM is a protocol that allows users to set the conditions under which digital currencies can be used. According to a release from Ant Financial, this could increase security and potentially reduce processing costs. Through this partnership, GrabPay merchants will be able to accept PBM-enabled payments using Ant Financial's Alipay+ solution. The Singapore dollar stablecoin XSGD is its base currency.

According to Golden Finance, the head of the Monetary Authority of Singapore, Menon, said that StraitsX, a digital asset payment infrastructure, has received preliminary approval from the Monetary Authority of Singapore for stablecoins. (Golden Ten) Golden Finance previously reported that on May 24, StraitsX, a digital asset payment infrastructure, launched the Singapore dollar stablecoin XSGD on Hedra, and users can send and receive XSGD on the Hedera network through the StraitsX platform. The Hedra Foundation said that XSGD may go live on the exchange in the coming months. In addition, stablecoin issuer Paxos said in a statement on Wednesday that the company has received preliminary clearance from regulators to offer digital payment token services in Singapore.

PANews reported on November 16 that Ravi Menon, director of the Monetary Authority of Singapore, said that StraitsX has obtained preliminary approval from the Monetary Authority of Singapore for stablecoins. StraitsX also confirmed in its official blog that it has received in-principle approval from the Monetary Authority of Singapore (MAS) for the issuance of a single currency-pegged stablecoin. Used to issue XSGD (by StraitsX SGD Issuance Pte. Ltd.) and XUSD (each from StraitsX USD Issuance Pte. Ltd.）。 XSGD and XUSD are both single-currency pegged stablecoins (SCS) pegged 1-1 to the Singapore dollar and the US dollar, respectively. These stablecoins are designed to be substantially in line with MAS's upcoming regulatory framework for stablecoins. XSGD is currently minted and redeemable on its platform, and the company plans to issue XUSD at a later date. Speaking at the Singapore FinTech Festival's keynote, Monetary Authority of Singapore Managing Director Ravi Menon also said, "There are four types of contenders for digital currencies. He named them privately issued cryptocurrencies, CBDCs, tokenized bank liabilities, and well-regulated stablecoins. Cryptocurrencies do not perform well as a medium of exchange or store of value. Stablecoins and central bank digital currencies (CBDCs) (rather than cryptocurrencies) will be part of the financial ecosystem of the future.

According to PANews news on May 24, StraitsX, a digital asset payment infrastructure headquartered in Southeast Asia, announced that it will support StraitsX Singapore Dollar (XSGD) on the Hedera network. Starting today, users can utilize the StraitsX platform to send and receive XSGD on the Hedera network. XSGD (Hedera) is also expected to be listed on global exchanges in the coming months. XSGD is said to have seen rapid adoption since its launch in October 2020, with on-chain transaction volume exceeding 7 billion XSGD.

Odaily Planet Daily News StraitsX, a digital asset payment infrastructure, launched the Singapore dollar stable currency XSGD on Hedra. Users can send and receive XSGD on the Hedera network through the StraitsX platform. The Hedra Foundation stated that XSGD may be listed on exchanges in the next few months.