Ripple has officially welcomed a new stablecoin to the XRP ($2.02) Ledger (XRPL). On May 18, Ripple confirmed in an X post that StraitsX, a leading digital payments provider, had launched its Singapore dollar-pegged stablecoin (XSGD) on XRPL. This rollout marks a pivotal step in Ripple’s multi-chain strategy and StraitsX’s broader vision for cross-border payments in Asia.

Ripple and StraitsX Advance Asia’s Cross-Border Payment Ecosystem

The introduction of XSGD on the XRP Ledger stems from a growing demand for multi-chain stablecoins capable of supporting seamless cross-border settlements. Ripple emphasized that the move aligns with its broader initiative to drive digital payment adoption across Asia, one of the fastest-growing regions for financial technology and blockchain adoption.

According to a press release, analysts project cross-border commerce in Asia to exceed $4 trillion by 2030. As that growth materializes, stablecoins like XSGD are expected to play a foundational role in accelerating settlement speed, lowering transaction costs, and enabling programmable financial flows across borders.

Strategic Partnership with Ripple Powers the Rollout

StraitsX confirmed that the XSGD integration forms part of a larger strategic partnership with Ripple. The launch will proceed in two phases, starting with XSGD’s deployment on XRPL for general access.

This first phase allows retail users, developers, and institutions to interact with a regulated stablecoin fully backed by the Singapore dollar. On XRPL, users can leverage XSGD for real-time settlement, cross-border transfers, and decentralized application (dApp) development.

In June 2025, StraitsX will activate the second phase, extending XSGD access to institutional-grade use cases. These include merchant settlements, programmable payouts, and compliance-focused financial flows. Ripple and StraitsX expect this functionality to serve banks, fintech firms, and payment processors looking to merge regulatory confidence with blockchain efficiency.

XSGD: Regulated, Trusted, and Backed by Major Banks

Licensed by the Monetary Authority of Singapore (MAS), StraitsX has issued the XSGD stablecoin since 2020. With the recent launch on XRPL, XSGD is now available on seven major blockchains: Ethereum, Polygon, Avalanche, Arbitrum, Zilliqa, Hedera, and XRP Ledger.

What sets XSGD apart is its robust backing. Each XSGD token is fully collateralized 1:1 by cash reserves, which StraitsX holds in two major financial institutions: DBS Bank and Standard Chartered. This gives users a high degree of confidence in stablecoin’s stability and regulatory compliance.

Currently, the total supply of XSGD is 83.61 million tokens, with 13.62 million in active circulation. At press time, the token’s market cap was $10.51 million, reflecting a 3.23% decline over the previous 24 hours.

Ripple’s Fiona Murray Highlights the Strategic Impact

Fiona Murray, Ripple’s Managing Director for the Asia-Pacific (APAC) region, praised the launch of XSGD on the XRP Ledger in a public statement. She described the development as a clear indicator of stablecoins’ growing role in shaping global payments infrastructure.

Murray expressed excitement about Ripple’s partnership with StraitsX, highlighting that it comes at a time when more institutions and developers are building financial services directly on-chain. According to her, the XRP Ledger is now emerging as a robust foundation for regulated stablecoins and next-generation payment protocols.

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XRPL Expands Stablecoin Portfolio and Infrastructure

XSGD isn’t the first stablecoin to debut on XRPL. In 2024, Ripple launched Ripple USD (RLUSD ($1.00)), a dollar-pegged stablecoin native to the XRP Ledger. Later that year, Ripple also teamed up with Société Générale’s digital asset unit, SocGen Forge, to roll out a Euro-backed stablecoin on the same blockchain.

The continued integration of regulated stablecoins signals XRPL’s evolution into a multi-currency, cross-border payments network, capable of supporting high-volume, real-time settlement across fiat-pegged assets.

With the integration of XSGD, Ripple and StraitsX have taken a significant step toward modernizing digital finance in Asia. The move strengthens XRPL’s position in the stablecoin landscape and demonstrates how strategic partnerships and regulatory alignment can accelerate the adoption of real-world use cases for blockchain.

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