With Xfers as the primary issuer, StraitsX is the stablecoin initiative for Southeast Asia. StraitsX enables frictionless settlement in Southeast Asia by issuing digital versions of ASEAN currencies on open blockchain protocols. These programmable currencies for the digital assets sector are commonly known as "stablecoins". The StraitsX stablecoins are one-for-one collateralized, denominated in their native ASEAN fiat currencies and are governed under the trusted oversight of local regulators and independent third-party auditors; these authorities ensure that every token issued by StraitsX truly represents its corresponding ASEAN currency. For instance, every XSGD token is fully collateralized one-for-one by the Singapore Dollar (SGD) and can be redeemed for one SGD.
At Xfers, we believe in financial inclusion. As South-East Asia stands on the cusp of being an economic powerhouse in the coming years, there is a need to enable many individuals to step out of their marginalised financial environments. In empowering a speedier entry by digital financial service providers into these markets, we aim to bring equal financial opportunities to all, in the hope of alleviating financial hardship.