XSGD
About
XSGD is a Singapore Dollar (SGD)-pegged stablecoin issued by StraitsX, a Monetary Authority of Singapore (MAS)-regulated entity. It is designed as an on-chain digital representation of the Singapore Dollar for payments, cross-border transfers, settlements, and DeFi use, always redeemable 1:1 for fiat SGD and fully backed by reserve assets with monthly attestation reports from an ISCA-listed auditor.
Where Does Yield Come From?
XSGD does not generate yield. It is a stablecoin — a digital token that always holds the same value as one Singapore Dollar (SGD). Each XSGD is backed 1:1 by real-world reserves (Singapore Dollars or equivalent assets) held by StraitsX, a company regulated by the Monetary Authority of Singapore. An independent auditor checks and reports on these reserves every month.
Because XSGD is designed purely as a medium of exchange (a way to move value) and a store of value (a place to hold it), it offers no staking rewards, no lending interest, and no yield of any kind to people who hold it.
How does StraitsX make money? Through fees on services such as:
- Outbound transfer fees (for example, 0.5 XSGD per transfer, waived for amounts under 10 XSGD, with different caps per blockchain)
- Card issuance, OTC trading, and converting fiat to stablecoin
None of these fees or revenues are ever paid back to XSGD holders. The token exists to be spent, sent, or held — not to earn.
Persons
Hendra Kwik
Group Chief Executive Officer, Fazz
Tianwei Liu
CEO & Co-Founder, StraitsX
Victor Liew
Co-Founder, StraitsX
Samson Leo
Chief Legal Officer & Co-Founder, StraitsX
Tianyao Liu
Head of Commercial & Co-Founder, StraitsX
Kah Hong Tay
Head of Product, StraitsX
Desi Purnamasari
Director of Product, StraitsX
Anthony Koo
Head of Payments, StraitsX
Kenny Yan
Head of Trading, StraitsX
Hendoko Kwik
Head of Trading, New Markets, StraitsX
Daniel Lee
Group Financial Controller, StraitsX
Nicky Tan
Chief of Staff & Head of Strategic Finance, StraitsX
Mark Hew
Head of Market Expansion, StraitsX
Trixie Thye
Head of People & GA, StraitsX
Melvin Seah
Head of Corporate Development & Strategic Partnerships, StraitsX
Daniel Oon
Head of Ecosystem, StraitsX
Audits
| Audit / Date | Findings | Verdict |
|---|---|---|
KK YAP & ASSOCIATES15-01-2026 |
| This reserve attestation confirms the XSGD stablecoin was fully collateralized (≈100.03% reserve ratio) as of the report date, but it is not a security audit of smart contracts or protocol infrastructure and therefore does not assess any vulnerability classes such as reentrancy, access control, or oracle risks. |
KK YAP & ASSOCIATES26-02-2026 |
| This reserve attestation confirms full fiat backing of the XSGD stablecoin as of the report date, but it is not a smart contract security audit and does not assess code-level vulnerabilities or protocol risks. |
KK YAP & ASSOCIATES15-02-2026 |
| This financial attestation confirms that XSGD was fully collateralized with qualifying SGD reserve assets as of the report date, satisfying MAS regulatory requirements; however, it is a reserve-account assurance engagement, not a smart-contract security audit, so no code-level vulnerabilities were assessed. |
KK YAP & ASSOCIATES28-02-2026 |
| This is a reserve account attestation, not a security audit; it confirms the XSGD stablecoin was fully collateralized as of 28 February 2026 with reserves (S$23,862,247) exceeding circulating supply (23,853,487 XSGD), and received an unqualified opinion from KK YAP & ASSOCIATES. |
| This is a financial reserve attestation, not a security audit; it confirms XSGD was fully collateralized (~100.09%) as of 15 January 2025, but contains no analysis of smart-contract code, protocol logic, or attack vectors. No security vulnerabilities were evaluated or reported. | |
KK Yap & Associates15-02-2025 |
| This document is a reserve attestation confirming XSGD's SGD-denominated assets exceeded its circulating supply as of 15 Feb 2025, but it does not contain any smart contract or protocol security vulnerability assessment. |
KK Yap & Associates15-03-2025 |
| This is a reserve attestation, not a code security audit, so it provides no insight into smart contract vulnerabilities or exploit risks. It confirms that as of 15 March 2025 the XSGD stablecoin was fully backed by SGD-denominated reserve assets held in segregated trust accounts. |
KK Yap & Associates31-03-2025 |
| This is a financial reserve attestation, not a security audit; it confirms that as of 31 March 2025 the XSGD stablecoin was fully backed by SGD-denominated reserve assets held in a segregated trust account. No conclusions about smart contract security or code-level risks can be drawn from this document. |
KK Yap & Associates15-04-2025 |
| This reserve attestation confirms that XSGD's on-chain circulation is fully collateralised by SGD-denominated assets held in segregated trust accounts as of 15 April 2025, with an unqualified opinion from KK Yap & Associates. However, the report covers only reserve adequacy and does not assess smart-contract security, so it should be read alongside a dedicated code audit for a complete safety picture. |
KK YAP & ASSOCIATES30-04-2025 |
| This is a reserve attestation, not a security audit; it confirms the XSGD stablecoin is fully collateralised as of 30 April 2025 with SGD 13,535,041 in reserve assets held in segregated trust accounts, exceeding the 13,523,564 XSGD in circulation. |
KK YAP & Associates15-05-2025 |
| This document is a financial reserve attestation, not a security audit; it provides reasonable assurance that XSGD reserves exceeded circulation at the report date but does not identify or grade any smart contract or protocol vulnerabilities. |
KK YAP & ASSOCIATES31-05-2025 |
| This is a financial reserve attestation, not a security audit; it confirms that XSGD was fully collateralised (102% reserve ratio) as of 31 May 2025 but contains no smart-contract or protocol-level security findings. |
KK Yap & Associates15-06-2025 |
| This is a reserve-asset attestation, not a security audit; it confirms XSGD’s reserves sufficiently back the circulating supply as of the report date, but no code or protocol vulnerabilities were examined. |
KK YAP & ASSOCIATES30-06-2025 |
| The reserve attestation confirms full backing of XSGD as at 30 June 2025, with marked-to-market assets exceeding the circulating supply. No security vulnerabilities were assessed in this engagement, as the scope was limited to reserve adequacy and regulatory compliance. |
KK YAP & ASSOCIATES15-07-2025 |
| This document is a financial reserve-attestation report, not a security-focused code audit; it contains no vulnerability findings or severity classifications to extract. |
KK YAP & ASSOCIATES31-07-2025 |
| This reserve attestation confirms that XSGD was fully collateralised as of 31 July 2025, with trust-held assets exceeding the circulating token supply; it does not address smart-contract or operational security risks. |
KK YAP & ASSOCIATES15-08-2025 |
| This is a reserve assurance report for the XSGD stablecoin, not a smart-contract security audit; it confirms that as of 15 August 2025 the on-chain XSGD supply is fully backed by SGD-denominated assets held in segregated trust accounts, with no examination of protocol or code vulnerabilities. |
KK YAP & ASSOCIATES31-08-2025 |
| This reserve attestation confirms that as of 31 August 2025, XSGD was fully backed with SGD-denominated reserves (S$14,719,020) exceeding the circulating supply (14,708,419 XSGD). The report does not assess smart contract security, so no conclusion on protocol-level vulnerabilities can be drawn from this engagement. |
KK YAP & ASSOCIATES15-09-2025 |
| This document is a financial reserve attestation rather than a smart-contract security audit; it confirms that XSGD's on-chain supply was fully backed by qualifying SGD reserve assets as of 15 September 2025, but it does not evaluate any code-level or protocol-security risks. |
KK Yap & Associates29-10-2025 |
| This reserve attestation confirms that XSGD was fully collateralised as of 30 September 2025, but it is not a security audit and therefore provides no information about smart-contract or protocol-level vulnerabilities. |
KK YAP & ASSOCIATES15-10-2025 |
| This reserve attestation confirms the XSGD stablecoin was fully collateralized with reserves exceeding the circulating supply as of 15 October 2025, but it is a financial assurance report, not a smart contract security audit, and therefore does not assess any code or protocol-level vulnerabilities. |
KK YAP & ASSOCIATES31-10-2025 |
| The reserve attestation confirms that XSGD was fully backed by qualifying SGD-denominated assets as of 31 October 2025, providing comfort on the stablecoin's solvency at that date, but this engagement does not examine smart-contract security, operational risks, or forward-looking reserve adequacy. |
KK YAP & ASSOCIATES15-11-2025 |
| The reserve attestation confirms that XSGD was fully collateralised (≈100.02%) as of 15 November 2025, satisfying Singapore regulatory requirements, but it offers no opinion on smart‑contract security, code correctness, or operational risks of the token’s on-chain logic. |
KK YAP & ASSOCIATES30-11-2025 |
| This reserve attestation confirms that XSGD was fully backed by cash and short-term SGD-denominated instruments as of 30 November 2025, but it does not address smart-contract security, code correctness, or operational risks of the XSGD protocol. |
KK YAP & ASSOCIATES15-12-2025 |
| The reserve attestation confirms that XSGD was fully backed (approximately 100.03%) by SGD-denominated cash and short-term government securities as of 15 December 2025, meeting the Monetary Authority of Singapore's requirements for stablecoin reserves; however, this document is a financial assurance report and does not cover smart contract or protocol-level security. |
| This reserve attestation confirms full fiat backing of the XSGD stablecoin as of 31 March 2024, but it is a financial assurance engagement and provides no assessment of smart contract security or code-level vulnerabilities. | |
KK YAP & ASSOCIATES30-04-2024 |
| This reserve attestation confirms that XSGD was fully collateralised as of 30 April 2024, but it is not a security audit of the protocol's smart contracts or infrastructure, and no vulnerability findings are present. |
KK Yap & Associates31-05-2024 |
| This is a reserve attestation confirming that XSGD was fully collateralised as of 31 May 2024, but it does not constitute a smart contract or system security audit and therefore provides no assessment of technical vulnerabilities. |
| The report confirms that XSGD was fully collateralised at the examination date, with reserves exceeding the circulating supply by a small surplus. However, as a reserve attestation it does not cover smart-contract security, operational risks, or code vulnerabilities, and therefore provides no assurance on those fronts. | |
KK Yap & Associates31-07-2024 |
| The attestation confirms that XSGD’s reserves were fully backed as of 31 July 2024, but this is a financial reserve report, not a smart-contract or protocol security audit, so it provides no insight into software-level vulnerabilities. |
KK YAP & Associates26-09-2024 |
| This document is a reserve attestation rather than a security audit; it confirms that XSGD's reserves fully backed the circulating supply as of the report date but contains no vulnerability assessment, code review, or severity findings. |
KK Yap & Associates30-09-2024 |
| This attestation confirms that the XSGD stablecoin reserves were fully collateralised as of 30 September 2024, but it is not a security audit of the token’s smart contracts and does not evaluate code-level vulnerabilities. |
KK Yap & Associates31-10-2024 |
| The document is a reserve attestation confirming that XSGD’s fiat and MAS Bills reserves exceed the circulating token supply as of 31 October 2024; it does not constitute a smart-contract or system security audit and therefore contains no vulnerability findings. |
KK Yap & Associates24-12-2024 |
| This reserve attestation report confirms that XSGD stablecoin was fully collateralised as of 30 November 2024, with reserve assets exceeding the circulating supply. The document is not a smart‑contract security audit and contains no vulnerability findings. |
KK YAP & ASSOCIATES31-01-2023 |
| This is an accounting-style reserve attestation, not a security audit; therefore no vulnerabilities were identified or scored. |
KK YAP & ASSOCIATES31-03-2023 |
| This reserve attestation confirms that XSGD was fully collateralised 1:1 by SGD deposits as of 31 March 2023, but it carries no findings on smart contract security or code-level risks because it is a financial assurance engagement, not a code audit. |
KK YAP & ASSOCIATES30-04-2023 |
| This is a reserve attestation, not a security audit; it provides reasonable assurance that XSGD's fiat-denominated reserves matched its circulating supply as of 30 April 2023, but no security vulnerabilities were evaluated. |
KK YAP & ASSOCIATES31-05-2023 |
| The reserve attestation confirms that XSGD was over-collateralized at the report date, but the document is a financial examination of reserve backing rather than a security audit of the smart contracts or protocol logic; no opinion on code-level safety can be drawn from this report alone. |
| This reserve attestation shows that XSGD was fully collateralised at the report date, but it does not assess smart-contract or operational security, so no conclusion on protocol safety can be drawn from this document alone. | |
KK YAP & ASSOCIATES31-08-2023 |
| This reserve attestation confirms the XSGD stablecoin was fully collateralised as of 31 August 2023, but it is a financial assurance report and does not evaluate smart-contract or protocol security. |
KK YAP & ASSOCIATES30-09-2023 |
| The reserve attestation confirms that XSGD was fully collateralised as of 30 September 2023, but the document is a financial assurance report, not a security audit, and therefore contains no findings on smart contract or protocol risks. |
KK YAP & ASSOCIATES31-10-2023 |
| This reserve attestation confirms that the XSGD stablecoin was fully collateralised as of 31 October 2023, but it is not a smart-contract security audit and contains no vulnerability assessment of the protocol's code or infrastructure. |
Legal
Legal form
Private limited company (Pte Ltd) — XSGD is issued by STX XSGD (StraitsX SGD Issuance Pte Ltd), a Singapore-incorporated private limited company; the broader StraitsX group also comprises StraitsX Payment Services Pte Ltd (SPSPL), StraitsX Holdings Pte Ltd, Xfers Pte Ltd (XPL), Xfers Investment Pte Ltd (XIPL), and StraitsX USD Issuance Pte Ltd (STX XUSD), all Singapore private limited companies.
Registration jurisdiction
Singapore — all operating entities (STX XSGD, SPSPL, XPL, XIPL, StraitsX Holdings Pte Ltd) are incorporated under the laws of Singapore. SPSPL holds a Major Payment Institution licence from the Monetary Authority of Singapore (MAS) under the Payment Services Act 2019. XPL is also licensed by MAS for e-money issuance services.
Status and notes
XSGD is issued by STX XSGD (StraitsX SGD Issuance Pte Ltd). The StraitsX group entities are licensed and regulated by the Monetary Authority of Singapore (MAS). XSGD has been acknowledged by MAS as substantively compliant with the upcoming stablecoin regulatory framework. The stablecoin is fully backed by Reserve Assets (≥100% of par value) held in segregated trust accounts with CIMB, DBS Bank, and Standard Chartered Bank (Singapore). Monthly reserve attestation reports by an ISCA-listed auditing firm are published. Imprint, General Terms & Conditions, Privacy Policy, and Risk Warnings/Regulatory Notices are publicly available at straitsx.com/legal/. StraitsX is the trading name of the StraitsX Group of Companies and its affiliated entities.