updraftplus domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131hustle domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131wpforms-lite domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131
Singapore-based stablecoin issuer StraitsX plans to extend its Singapore dollar-backed XSGD and US dollar-backed XUSD to the Solana blockchain by early 2026.
The move reflects a broader push to place regulated stablecoins at the centre of high-speed blockchain settlement, particularly for payments, digital commerce, and emerging AI-driven use cases.
By tapping into Solana’s low-cost and high-throughput infrastructure, StraitsX aims to make SGD- and USD-denominated transactions more efficient across decentralised finance, institutional flows, and everyday payments.
The expansion also positions the company to meet rising demand for programmable money within interoperable, software-native environments.
The rollout was announced in collaboration with the Solana Foundation and detailed in a Tuesday blog post.
Once live, users will be able to settle transactions using XSGD and XUSD directly on Solana, taking advantage of faster settlement times and lower transaction fees.
StraitsX said the integration brings multiple financial functions together on a single blockchain, spanning centralised exchange support, decentralised liquidity pools, lending markets, and consumer payments.
The company views Solana as a suitable base layer to support complex payment flows that require speed and scalability without sacrificing reliability.
StraitsX said the expansion is designed to support increasing usage from digital commerce platforms and AI-native applications.
Solana has seen growing adoption for x402-based payments, an interoperability standard that enables automated transactions between software agents.
Both XSGD and XUSD already support the x402 standard natively, and this capability will extend to Solana.
As a result, developers and institutions will be able to deploy automated payment use cases, including onchain foreign exchange between SGD and USD, automated market maker liquidity provisioning, lending protocols, and institutional-grade settlement processes.
XSGD is already live across multiple blockchains, including Ether, Polygon, Avalanche, Arbitrum, Zilliqa, Hedera, and the XRP Ledger.
XUSD is currently available on Ethereum and BNB Smart Chain.
XSGD has a market capitalisation of $13 million with a circulating supply of 16.7 million tokens, while XUSD has a market capitalisation of $52 million.
Combined, the two stablecoins have processed more than $18 billion in onchain transaction volume, highlighting their growing role in cross-chain payments and settlement activity.
StraitsX operates as a licensed Major Payment Institution under the Monetary Authority of Singapore stablecoin framework.
Both XSGD and XUSD have been acknowledged by the MAS as compliant with the upcoming stablecoin regulatory framework, according to their white papers.
Separately, the company has moved to explore consumer-facing applications.
Last month, Grab signed an exploratory memorandum of understanding with StraitsX to develop a Web3-enabled settlement layer for Southeast Asia.
Subject to regulatory approval, the initiative would allow Grab users to hold and spend XSGD and XUSD directly within the app, integrating digital wallets, programmable payments, and stablecoin clearing into daily transactions.
Singapore’s largest bank, DBS, has teamed up with JPMorgan’s Kinexys division to design a framework enabling real-time interbank transfers of tokenized deposits across multiple blockchains. The initiative represents a significant step toward merging traditional finance with decentralized settlement architecture.
According to local reports, the new framework will streamline liquidity movement between institutions, reduce settlement times from days to seconds, and lower operational risks in cross-border transactions. The system will leverage Kinexys’ cross-chain infrastructure, enabling interaction between permissioned and public blockchains without compromising compliance or data privacy.
The collaboration focuses on creating interoperability standards that allow banks to issue, move, and redeem blockchain-based representations of customer deposits in real time.
“As the digital asset ecosystem continues to grow, interoperability remains a critical piece in reducing fragmentation and ensuring that the full value of tokenized money can be transferred safely across borders,” said Rachel Chew, Group Chief Operating Officer and Head of Digital Currencies, Global Transaction Services, DBS Bank.
Tokenized deposits differ from stablecoins by being fully backed by bank-held funds, maintaining regulatory oversight while delivering the programmability and instant settlement benefits of blockchain technology.
The partnership follows DBS’s ongoing efforts to integrate blockchain-based products into institutional finance.
Last month, DBS and Goldman Sachs executed the first-ever interbank crypto options trade, a cash-settled over-the-counter transaction involving Bitcoin
BTC
$103 155
24h volatility:
2.5%
Market cap:
$2.06 T
Vol. 24h:
$71.39 B
and Ether
ETH
$3 452
24h volatility:
3.3%
Market cap:
$417.12 B
Vol. 24h:
$34.89 B
options. During the announcement, Max Minton, Goldman Sachs’ Head of Digital Assets for Asia Pacific, expressed expectation of more institutional involvement in the coming months.
As major institutions like JP Morgan and DBS advance asset tokenization initiatives, early-stage projects such as SUBBD continue attracting investor attention.
SUBBD is an AI-driven project with creator monetization tools for influencers and brands.
The SUBBD presale has now exceeded $1.3 million of its $1.5 million target, with tokens currently priced at $0.057. With less than 24 hours before the next pricing tier, early investors can visit the official SUBBD presale site to access up to 20% staking rewards and other community incentives.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Ibrahim Ajibade is a seasoned research analyst with a background in supporting various Web3 startups and financial organizations. He earned his undergraduate degree in Economics and is currently studying for a Master’s in Blockchain and Distributed Ledger Technologies at the University of Malta.
Singapore’s DBS Bank is set to launch over-the-counter (OTC) crypto options trading and structured notes in the fourth quarter of 2024.
This initiative aims to cater to the needs of institutional clients looking for ways to manage the volatility associated with major digital assets like Bitcoin (BTC) and Ethereum (ETH), the two largest cryptocurrencies by market capitalization.
According to DBS, clients who wish to gain exposure to cryptocurrencies can now do so through options trading and structured notes.
A crypto options contract derives its value from the price of underlying digital currencies. It enables traders to lock in the right, but not the obligation, to buy or sell an asset at a predetermined price at a future date.
By purchasing put options, for example, clients can secure the ability to sell Bitcoin at a fixed price, regardless of market conditions at the time of execution, thus providing a layer of protection against price drops. This flexibility is particularly useful for investors seeking to manage the volatility of their crypto portfolios.
In addition to options, DBS will offer structured notes, which are debt securities whose returns are tied to the performance of underlying assets.
Structured notes provide investors with more customized opportunities, allowing them to capitalize on market movements while potentially reducing risk through tailored financial products.
Announced on September 17, 2024, DBS’s new offerings will give institutional investors access to advanced financial products linked to BTC and ETH.
These products, which include crypto options contracts and structured notes, are designed to allow investors to hedge against the market fluctuations that have historically characterized the cryptocurrency space.
With this move, DBS is expanding its digital asset services to include more sophisticated strategies, aligning itself with the growing demand for institutional-grade access to digital assets.
According to Jacky Tai, DBS’s group head of trading and structuring, institutional clients are increasingly allocating funds to digital assets, and this expansion provides them with a new channel for incorporating advanced strategies into their portfolios.
DBS’s commitment to offering “trusted institutional-grade access” to digital assets is in line with its broader mission of integrating blockchain technology and Web3 infrastructure into its financial services.
As Singapore continues to lead in the global adoption of digital assets, DBS Bank remains at the forefront, leveraging regulatory support and technological innovation to provide cutting-edge solutions for its clients.
Nansen, a blockchain analytics firm, is strongly convinced that one Ethereum addressing controlling a whopping 173,700 ETH worth over $650 million at spot rates belongs to the DBS Bank, the largest bank in Singapore.
Taking to X, the blockchain analytics platform picked out an address “0x9e927…fb8e” as that belonging to the financial institution, sparking interest and excitement. Looking at Etherscan, the address is one of the largest, placing it among the top 40 largest holders of the world’s second most valuable cryptocurrency.
DBS Bank stands out from the list and is on par with the top crypto exchanges, mainly Binance and Kraken. The fact that the bank is among the top players in crypto is a huge boost and endorsement for the industry, a sphere that is still evolving. Encouragingly, with regulatory clarity, especially from regulators in the United States, more institutions will likely warm up to digital assets.
It is doubtful that the bank is holding ETH as an investment. Last year, the bank launched the DBS Digital Exchange. Through this platform, the bank allowed accredited investors to trade several digital assets, including ETH. Even so, there are limitations. For instance, the DBS Treasuries don’t allow inward or outward transfers of ETH and other coins. They also restrict United States citizens from participating.
Nonetheless, the decision by DBS to launch the exchange, tapping into their broad experience in the capital markets and custody, is bullish. It is a signal that the bank’s hierarchy is comfortable with emerging asset classes like crypto despite their inherent volatility.
For now, DBS Bank has to clarify whether they control the address and whether the ETH held is their investment. At the same time, the bank has to make public if the over $650 million ETH belongs to the exchange. From Etherscan data, the first transaction to the address was made 974 days ago.
According to Statista, Singapore plays a leading role in promoting crypto in the Asia-Pacific region. In 2023 alone, there were 88 deals helping raise over $625 million for multiple crypto firms. Through favorable government policies and adoption, Singapore wants to strengthen its position as a leading pro-crypto hub amid rising competition from Hong Kong.
In early April, Singapore tightened anti-money laundering measures for crypto firms. The Monetary Authority of Singapore (MAS), the city-state’s regulator, said it was changing financial regulations.
Changes made to the Payment Services Act will now empower the regulator to overlook, among other things, digital asset custody and cross-border payments.
Feature image from Canva, chart from TradingView
According to unconfirmed reports, Bolttech is seeking up to $300 million in funding from a possible IPO in the US.
Singapore-based insurance technology company Bolttech is currently weighing the possibility of an initial public offering (IPO) in the US. According to sources, the Bolttech US IPO could fetch the firm up to $300 million.
People familiar with the matter have noted that Bolttech hopes to raise at least $250 million and has already requested proposals from banks. The expected funding is based on a valuation of $1.6 billion realized from the company’s last funding round. The plan is to launch the IPO sometime next year.
In May, Bolttech completed a Series B funding round where it raised $196 million. The round was led by insurance group Tokio Marine, with participation from multinational insurance giant MetLife and Khazanah Nasional, Malaysia’s sovereign wealth fund.
In September, Bolttech announced in a press release that investment firm LeapFrog Investments joined the list as a new strategic investor, adding $50 million in a Series B extension. Bolttech said the new total, $246 million, makes the round the largest Series B funding round for an insurtech company.
At the time, Bolttech said the funds were to improve its technology and enhance its talent pool for growth. The funds are also for acquisitions geared at international expansion. Before the round, Bolttech had raised $247 million in a 2021 Series A funding led by Activant Capital Group.
Currently, the company is still deliberating on the IPO and could change several details, including its size and likely timing. Nonetheless, Group Chief Executive Officer Rob Schimek said:
“(We) look forward to strong partnerships that will fuel Bolttech’s continued growth on our path to profitability in 2024.”
Founded in 2020, Bolttech connects customers, insurers, and distributors, helping parties to buy and sell insurance products. The company’s website states that Bolttech is the world’s largest insurance exchange, with $55 billion in annual quoted premiums. The website also says that Bolttech has 6,000 products on its platform, offered by 230 insurers. Furthermore, the exchange boasts more than 700 distribution partners in more than 30 markets across three continents. Bolttech operates in Europe, Asia, and the United States.
Last week, Bolttech and B2B2C insurance firm Allianz Partners announced a partnership to support businesses looking to add insurance to their existing products. The partnership will provide solutions for embedded device and appliance protection insurance for several kinds of businesses. These include insurers, telecommunication providers, household device and electronic product retailers, and original equipment manufacturers (OEMs).
According to a press release, the partnership makes it easy for customers to buy insurance for several household products and appliances, including mobile phones and other digital devices. The product will be available in the United States and Asia Pacific.
Speaking on the partnership, CEO Schimek said:
“What makes this partnership so exciting is the tremendous opportunity to collaborate with Allianz, one of the world’s leading insurers, to reduce risk for customers in their daily lives and increase financial inclusion in the digital age.”
Read other business news on our website.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
Cardano’s stablecoin Djed records major new listing ahead of mainnet launch
Major Singaporean crypto exchange Bitrue has announced the listing of Djed, a decentralized algorithmic stablecoin built on Cardano by COTI. In addition to Djed itself, SHEN, the protocol’s backup token – which is collateral for the stablecoin and, in return is itself collateralized by Cardano’s native token, ADA – will also be available for trading on the exchange.
Bitrue’s move to list SHEN is interesting and sort of exclusive, as the token has not previously received a simultaneous listing with Djed. As the exchange itself has stated, the move was made as a sign of support for Cardano, which the exchange has been providing and expanding since 2018.
Both Djed and SHEN tokens are currently operating on the test network, so of course trading them on Bitrue is not yet available. However, judging by the various activities around the network, it seems that the long-awaited launch on the main network should take place in the near future. There is even a possibility that this will happen by the end of January.
At the moment, the price of 1 Djed is holding even above the $1 level by 18 cents, and the price per SHEN is 3.33 ADA, which equals $1.25 at the current rate. According to the stablecoin’s official website, its offer is almost 800,000 Djed, and SHEN has almost two million coins. Moreover, Djed’s reserve ratio is now 400%, with a base reserve of 8.5 million ADA.
A recent survey of 1,000 Singapore citizens conducted by Australia’s consumer insight provider Toluna has revealed some interesting facts about crypto adoption in the country. Singapore is considered a pro-crypto nation, and this survey only reinforces that revealing how pro-crypto regulations can impact crypto adoption. As per the survey, 93% of the country’s population have heard of cryptocurrencies while 43% of the total population own crypto.
A 43% crypto ownership is quite huge given countries like the USA only have a 6% ownership rate. The high crypto adoption rate is even higher among the younger population between the age group of 26-45 years. Singapore’s DBS bank has launched Asia’s first crypto fund in May.
The report said,
“As a key financial hub in Asia, Singapore has a high level of cross-border transactions, which means digital currency provides a real use case and potential benefits for its economy. This regulatory acceptance coupled with Singapore’s reputation as ASEAN’s fintech hub will make it a haven for cryptocurrency exchanges and startups over the next few years,”
The Payment Services Act, 2019 that came into effect in January this year made it mandatory for crypto exchanges to operate after acquiring a license from Singapore’s regulatory head Monetary Authority of Singapore. The regulations ensured that traders are safer against potential scam platforms.
The survey revealed Ethereum, the second-largest crypto by market cap was twice as popular among the younger age group of 18-25 years of age. Bitcoin remained the top choice of participants in the survey. 74% of the people holding crypto made a profit on their investment, while 21% said they were going to invest in it but opted against it due to Covid related uncertainties.
Singapore has become a crypto hub in the Asian market because of its regulations, making it easier for crypto service providers to adhere to. The government support ensures protection for both, the investors as well as the crypto exchange. Singapore’s pro-crypto approach has a bullish impact on crypto adoption as visible from the survey. 2021 has proven to be a great year for crypto adoption in general with several crypto companies making their public debut.
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
