Indonesia based DeFi protocol Xfers has unveiled the world’s first travel rule compliant stablecoin, XSGD. The stablecoin is backed by the Singapore Dollar (SGD) in the ratio of 1:1 and has the support of 20 reputed crypto-blockchain ecosystems. In the official Twitter thread, Xfers listed the partners’ list for the project, which included Ethereum, Kyber Network, Trust Wallet, Ledger, Hodlnaut, Uniswap, Crypto.com, etc.
Xfers is the premier DeFi network in Indonesia and is counted among the fastest-growing ones in Southeast Asia. With the launch of XSGD, Xfers has managed to bring a large number of DeFi leaders on a platform, indicating that consolidation of forces is a key to the growth of the crypto-blockchain industry, especially in the post-COVID-19 era.
XSGD is compliant with the Monetary Authority of Singapore’s (MAS) Notice PSN01 regarding the wire transfer requirements. The Coronavirus Pandemic has caused serious implications in various sectors without any exception. The global payments and wire transfer industry have also been impacted, leaving a void that Xfers aims to fill with XSGD. As the company is a Major Payment Institution license holder licensed to issue e-money, it can mint an unlimited amount of the stablecoin.
In the official announcement on Medium, Xfers added that the MAS’s license ensures a regulated MAS-approved bank safeguards all of its XSGD funds. The stablecoin is currently available as an ERC-20 token on the Ethereum and as ZRC-20 token on the Zilliqa Protocol.