StraitsX Raises $10M to Scale Asian Stablecoin Reach
StraitsX has successfully completed a $10 million financing round with lead investor UQPAY and ongoing support from NTT DOCOMO. Participants aim to expand the stablecoin's infrastructure, enhancing fiat network integration and Web3 ecosystem compatibility.
The development marks a significant expansion effort for StraitsX across the Asian region. The $10 million investment targets building stablecoin assets, anticipating a seamless connection between centralized fiat networks and decentralized ecosystems.
Industry leaders have expressed optimism. Tianwei Liu of StraitsX emphasized stablecoins' suitability for real-world finance, while Jack Lee of UQPAY highlighted the shared mission to unify traditional and Web3 payment systems.
XSGD and Regional Integration: Current Status and Future Outlook
Did you know? Stablecoins like XSGD have been gaining popularity in Asia, aligning with regional payment networks more than traditional cryptocurrencies.
XSGD, pegged to the Singapore Dollar, currently trades at $0.77, reflecting a slight 0.07% decline over 24 hours. With a market cap of $16.89 million and a 66.25% drop in 24-hour trading volume, XSGD remains a key stablecoin, CoinMarketCap reports.
The Coincu research team anticipates that regulatory support for such integrations can enhance StraitsX’s footprint, fostering growth in diverse financial infrastructures. Data trends underscore stablecoin potential amidst secure transactional frameworks across Southeast Asia.