StraitsX USD stablecoin rises 5% after Binance listing

Straitsx USD, a Stablecoin USD issued by the Singaporean company, climbed up to 5% after Binance announced that it registers the token on March 19.

On March 17, Binance announcement that it will be registered with Straitsx USD and an open exchange for the spot Xusd / USDT trading pair from March 19 at 8:00 am UTC.

In addition to the launch, Binance users will not receive any negotiation costs for the Xusd / USDT (USDT) Pairs of trading and margin pairs since the launch date against an indefinite period of time. Users can start to withdraw Xusd from the crypto exchange on March 20 at 8:00 am UTC.

Shortly after Binance published his registration notice for Xusd, the USD-PEGED stable had a peak value, reaching up to $ 1.05, despite its average price being about $ 0.99 to $ 1.00. At the time of the press, Stablecoin increased by $ 1.03 by $ 3.5%.

Xusd’s market capitalization is currently amounting to nearly $ 33 million. In the past 24 hours, Stablecoin has accumulated a commercial volume of $ 3.3 million. The token has a total offer of 22.3 million Xusd which already circulates on the market.

Straitsx USD is a stablecoin set to the US dollar which is issued by Singapore-The company based on Straitsx. Xusd is entirely supported by reserve assets on a 1: 1 base with the US dollar. Xusd is designed to facilitate rapid transactions. Stablecoin can also be used for sends in cross -border funds, chain trading, DEFI applications, business treasures management and market establishments.

Straitsx is a payment institution with a license from the Singapore monetary authority. The company is also part of the Fazz ecosystem which facilitates commercial banking services for countries in the Southeast Asia region. Aside from Xusd, Straitx has also published XSGD and XIDR, Stablecoins are set at the Singapore dollar and Indonesian RUPIE respectively.

Last month, the Singaporean Metro store chain announced that begin Accept the stablecoin payments of customers in physical stores and its Metro Mall online store. In 2023, the monetary authority of Singapore revealed Regulatory framework for stalls linked to the Singapore dollar or any G10 currency, if their circulation exceeds $ 5 million SGD.