Singapore issued local currency-backed stelecoin

The Xfers payment company introduced the XSGD stickercoin tied to the Singapore dollar. The statement said the move brings the project closer to establishing a „reliable and open financial system in Southeast Asia“.

Stablcoin has been launched on Zilliqa and Ethereum blocks.

The team claims that the coin meets FATF recommendations for participants in the cryptovoltaic industry as well as the requirements of the local financial regulator. Users of the platform are required to prove their identity, and they are required to undergo risk assessment and transaction monitoring.

At the end of September, the total capitalisation of the stelecoins exceeded $20 billion. Their daily issue increased to $100 million.

Earlier the European Commission presented new rules of regulation of cryptovoltaic and stelecoins. These are „tougher“ requirements in terms of investor protection, supervision and control of capital.