StraitsX to showcase real stablecoin applications at Singapore Fintech festival

Working with partners such as IDEMIA, The HBAR Foundation, Mastercard and Carbonseed.Earth, StraitsX focused on driving forward five key benefits of stablecoins: increasing payment efficiency, on-chain and offline programmability that provides interoperability, stimulates financial inclusion and enables sustainable and energy-efficient transactions.

“The digital asset landscape has evolved and gained traction as more businesses recognize the benefits of blockchain technology, but there is still untapped potential in using stablecoins as a means of payment in real-world utility applications. These applications show how stablecoins can bring bring forth more innovation and we are excited to work with industry leaders to explore the benefits of stablecoins in depth to demonstrate the viability of using stablecoins in business applications such as B2B settlements, offline payments and sustainability,” said Aymeric Salley, CEO of StraitsX.

As part of the stablecoin showcase, StraitsX has highlighted three different real-world use applications with its key partners, leveraging its Singapore dollar stablecoin, XSGD as a means of payment:

Drives financial inclusion with IDEMIA at Hedera
To reduce the issue of unequal access to digital currencies and payments due to network and geographic limitations, StraitsX has partnered with IDEMIA, a leading identity technology solutions provider to leverage the Hedera decentralized ledger, enabling users to trade stablecoins offline . This is powered by IDEMIA’s payment card and phone built-in offline payment features that allow users and merchants to transact offline securely. Sellers will then be able to utilize Hedera’s distributed network to receive payments and settle money transfers.

This application will not only lower merchant fees, but also drive financial inclusion by allowing users who have limited network access to trade with stablecoins.

“We at IDEMIA are convinced that stablecoins are redefining the very basics of the payment ecosystem. We are proud that our ability to innovate has enabled Stablecoins payments by leveraging our biometric card technology F.CODE. This partnership once again demonstrates that IDEMIA’s secure offline payment solution was the de facto standard for stablecoin payments.” said Romain Zanolo, Managing Director APAC at IDEMIA.

“We are delighted to partner with industry leaders StraitsX and Idemia to contribute to financial inclusion in APAC. StraitsX’s upcoming Hedera-native XSGD stablecoin was combined with Idemia’s secure offline payment system powered by Hedera smart contracts, to provide a resilient, cost-effective and energy-efficient alternative to existing digital payment systems. We believe the solution is well suited to meeting needs in the region.” said Sabrina Tachdjian, Head of Fintech & Payments at the HBAR Foundation.

Enables XSGD B2B settlement with Mastercard
StraitsX and Mastercard, a global payments technology solution, have partnered to enable Mastercard’s crypto partners to use XSGD to facilitate business-to-business settlements.

The current settlement process for crypto card partners is cumbersome and costly due to the requirement to convert from crypto to fiat, which imposes liquidity and operational constraints on card partners. This pilot aims to bridge the gap between the digital assets used by cardholders and the fiat currencies needed to settle with merchants, reducing friction and achieving greater operational efficiency.

“Building on the success of our stablecoin pilots in the US and UK, we are excited to partner with StraitsX to continue to push the boundaries of digital asset innovation and explore the real benefits of stablecoins. Piloting a stablecoin settlement application using XSGD marks a meaningful step forward for our businesses in the APAC region.” said Ashok Venkateshwaran, VP Digital Assets at Mastercard.

Spearheading sustainability in the region with Carbonseed.Earth
To contribute to the wider sustainability cause, StraitsX has partnered with Carbonseed.Earth, which is building an incubation infrastructure for carbon projects. This incubation infrastructure leverages stablecoin and IoT technology to enable early funding of quality carbon projects by issuing tokenized carbon credits, purchased through XSGD and held in blockchain wallets.

Using Carbonseed.Earth’s monitoring and verification solutions and blockchain wallets to facilitate stablecoin and carbon credit transactions, the application increases the transparency of price discovery and addresses the issue of double counting through smart contract technology. On a larger scale, the application also helps facilitate efficient cross-border transfers of value involving tokenized carbon credits.

“CarbonSeed.Earth aims to be the one-stop management platform for businesses to go green with hassle-free carbon financing, with services ranging from easy project initiation and monitoring, reporting, verification (MRV) to marketplace financing. By leveraging XSGD, we can enable greater transparency, accountability and visibility by using the concepts of Purpose Bound Money (PBM) to verify fund sources and automated milestone verification to unlock payouts and reward businesses as they embark on their green transformation journey.” said Mike Sun, VP Product, CarbonSeed.Earth.