StraitsX, the Southeast Asia-based digital asset payment infrastructure today announced native support for the StraitsX Singapore Dollar (XSGD) and StraitsX Indonesian Rupiah (XIDR) on the Polygon blockchain. Polygon will become StraitsX’s third officially supported blockchain, after Ethereum and Zilliqa.
Since its launch in October 2020, XSGD has gained rapid adoption, surpassing over 4.8 billion XSGD in on-chain transactions, making XSGD one of the largest non-USD stablecoin by market capital today. XIDR, introduced in November 2021, has also gained significant traction, joining XSGD as one of the largest Southeast Asian stablecoins.
Starting today, users can leverage the StraitsX platform to send and receive XSGD & XIDR on the Polygon network.
Head of StraitsX, Aymeric Salley said: “We’re thrilled to introduce the StraitsX stablecoins in the vibrant Polygon ecosystem, enabling our users to take advantage of the faster settlement times and significantly reduced gas costs.”
Hamzah Khan, Head of DeFi and Labs at Polygon, said: “StraitsX’s stablecoins are some of the most-utilized in the cryptocurrency space, particularly outside the U.S. We’re delighted to welcome StraitsX to the Polygon ecosystem and recognize the immense utility they’ll bring — particularly within Polygon’s expanding DeFi ecosystem. We look forward to providing the infrastructure that allows the project to flourish in the coming months and years.”
XSGD & XIDR (Polygon) features fast and efficient transactions. Transactions on the Polygon network are significantly more cost-effective on the Ethereum network. Known as a ‘layer 2’ scaling solution, Polygon is designed to run decentralized applications (dApps) built for Ethereum, enabling developers to quickly scale their dApps to run on faster, more efficient infrastructure and accelerate access to Web3, decentralized finance (DeFi) and NFT markets.