StraitsX USD (XUSD), a stablecoin issued by Singapore-based StraitsX, surged by as much as 5% after Binance announced it would be listing the token on March 19. The listing has sparked heightened investor interest, briefly pushing XUSD’s price above its typical range.
Binance Listing and Zero-Fee Trading Incentives
On March 17, Binance confirmed that it would open trading for the XUSD/USDT spot trading pair on March 19 at 08:00 UTC. To attract more traders, Binance is offering zero trading fees for the XUSD/USDT pair and related margin trading pairs from the launch date for an indefinite period. Users will be able to withdraw XUSD from Binance starting March 20 at 08:00 UTC.
Following the announcement, XUSD saw a brief surge to $1.05, surpassing its usual range of $0.99 to $1.00. At press time, the stablecoin is trading at $1.03, reflecting a 3.5% increase.
XUSD Market Performance and Adoption
XUSD’s market capitalization currently stands at approximately $33 million, with a 24-hour trading volume of $3.3 million. The stablecoin has a circulating supply of 22.3 million tokens, indicating steady adoption and liquidity growth.
StraitsX USD is a U.S. dollar-pegged stablecoin, fully backed by reserve assets on a 1:1 basis. It is designed to facilitate fast transactions and is used for cross-border remittances, on-chain trading, decentralized finance (DeFi) applications, corporate treasury management, and merchant settlements.
StraitsX and the Growing Role of Stablecoins in Singapore
StraitsX operates as a licensed payment institution under the Monetary Authority of Singapore (MAS) and is part of the Fazz ecosystem, which provides business banking solutions across Southeast Asia. In addition to XUSD, the company has also issued XSGD and XIDR, stablecoins pegged to the Singapore dollar and Indonesian rupiah, respectively.
Stablecoin adoption in Singapore is on the rise. Last month, Singaporean department store chain Metro began accepting stablecoin payments both in physical stores and through its online platform, Metro Mall. Meanwhile, in 2023, MAS introduced a regulatory framework for stablecoins pegged to the Singapore dollar or any G10 currency, provided their circulation exceeds $5 million SGD.
Outlook for XUSD and Binance’s Growing Influence
The Binance listing could boost XUSD’s adoption, increasing its liquidity and market visibility. With regulatory backing and growing use cases, StraitsX USD is positioning itself as a key player in Southeast Asia’s expanding stablecoin market. Investors will be watching closely to see how XUSD performs post-listing and whether its price can maintain its recent gains.
