S'pore stablecoin XSGD could see more adoption with improving tech, demand

XSGD is minted, or created, once users deposit Singdollars with Xfers in exchange for the equivalent in stablecoins. PHOTO: AFP
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SINGAPORE - The collapse of the Terra Classic blockchain and its TerraUSD (UST) stablecoin earlier this month wiped out billions and eroded trust in cryptocurrency.

But fintech insiders remain convinced that stablecoins have a role to play in improving finance. They are confident the developing asset class will eventually be adopted by the market once a safe and viable structure is found to support its use.

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