Coinbase Pioneers Multi-Currency Crypto with AUDD and XSGD Listings
Coinbase has made a significant move in the stablecoin market by listing AUDD and XSGD, the first Australian- and Singapore-pegged stablecoins on its platform. These coins, minted by AUDC Pty Ltd and StraitsX respectively, are fully backed by their respective local currencies and accepted within the future MAS Single Currency Stablecoin (SCS) system.
AUDD and XSGD eliminate foreign exchange friction, enabling users to engage in local transactions without the need for currency conversion. This advancement aligns with the vision of reducing dependence on the USD in crypto and moving towards an all-onchain system with local currencies.
Coinbase's action is a pioneering step in the stablecoin landscape, providing direct access to fiat-backed domestic digital currency for users in Australia and Singapore. They can now convert AUD to AUDD and SGD to XSGD with zero fees. Both stablecoins are regulated under frameworks that require exchanges like OKX to hold licenses in their respective jurisdictions, ensuring compliance with strict regulatory standards and proof-of-reserves reporting.
With over 70% of Australian and Singaporean crypto users interested in using local currency stablecoins, the potential market for AUDD and XSGD is significant. As these stablecoins gain traction, they could become a $2 trillion asset in the future. Coinbase's move could also serve as a blueprint for other issuers around the world, pushing crypto towards a multi-currency setup.
The listing of AUDD and XSGD on Coinbase marks a significant development in the stablecoin market, offering users in Australia and Singapore more direct onchain access to value denominated in their local currencies. As these stablecoins gain popularity, they could reshape the crypto landscape, reducing reliance on the USD and paving the way for a multi-currency future.
Read also:
- Trade Disputes Escalate: Trump Imposes Tariffs, India Retaliates; threatened boycott ranges from McDonald's, Coca-Cola to iPhones
- Aquatech purchases Koch's Direct Lithium Extraction business, merging Li-ProTM DLE technology into the PEARLTM Technology Platform.
- Modern IT Strategies Boost Business Resilience and Security
- Nepal's Journey: Evolution from Street Life to Political Power
