XSGD

Halal Rating :
Comfortable
Last Price $0.75 Last updated:
Rank 810
1D Change -0.23 %
Market Cap $34.37m
Circulating supply 46,124,079
Maximum supply None

Crypto Overview

Categories
  • Stablecoin
  • Asset-Backed Stablecoin
  • Zilliqa Ecosystem

Project Overview

XSGD is a stablecoin pegged to the Singapore Dollar (SGD) at a 1:1 ratio, issued by StraitsX (a subsidiary of Xfers Pte Ltd). The token operates on multiple blockchain networks including Ethereum and Zilliqa.

Intended Utility

The primary purpose of XSGD is to serve as a digital representation of the Singapore Dollar, facilitating fast and efficient cross-border transactions while maintaining stability through its peg to the SGD. Each XSGD token is backed by actual Singapore Dollars held in reserve by regulated financial institutions.

Business Model & Implementation

StraitsX maintains a transparent operation where users can mint XSGD by depositing SGD through their platform. The company is regulated by the Monetary Authority of Singapore (MAS) and holds the necessary payment services licenses. The reserves backing XSGD are regularly audited and publicly reported.

Real-World Adoption

XSGD has achieved significant adoption in Southeast Asian markets, particularly in Singapore. It is actively used for remittances, trading, and as a stable store of value in the digital asset ecosystem. The token has partnerships with major cryptocurrency exchanges and payment platforms in the region.

Token Distribution & Governance

As a stablecoin, XSGD's supply is directly correlated to user demand and backed by actual SGD deposits. There is no token allocation to founders or early investors, as tokens are minted and burned based on user deposits and withdrawals.

Crypto Impact

To assign a comfort level investing in XSGD from a halal perspective we need to determine whether it has a net positive or negative impact.

Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to XSGD.

If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.

We will review your contribution for accuracy before publication.

Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.

You only have one vote per asset so use it wisely.

You can change your vote if you change your mind.

Justification for our Halal Rating