XSGD

XSGD is a fully collateralized Singapore Dollar stablecoin, powered by open-source blockchain protocols. It is backed one for one with Singapore Dollar (SGD).

Key Features of XSGD:

• Stablecoin: XSGD aims to maintain a peg of 1 SGD.
• Decentralized: XSGD is issued and managed by the StraitsX platform, a decentralized organization.
• Over-collateralized: XSGD is over-collateralized, meaning there is more collateral in the backing pool than the total amount of XSGD in circulation.
• Multiple Blockchains: XSGD runs on the Ethereum, Polygon, Avalanche, Hedera & Zilliqa blockchains.
• No Minting Fees: There are no fees for minting or burning XSGD.

How XSGD Works:

1. Collateral Deposit: Users deposit SGD into the StraitsX platform to mint XSGD.
2. Price Oracle: A price oracle feeds real-world asset prices into the StraitsX platform.
3. Algorithmic Adjustment: The StraitsX platform algorithmically adjusts the exchange rate between XSGD and other assets to maintain the peg to SGD.
4. Redemption: Users can redeem their XSGD for SGD at any time.

Benefits of Using XSGD:

• Decentralized and Stable: XSGD offers a decentralized and stable alternative to SGD.
• No Minting Fees: There are no fees for minting or burning XSGD.
• Integration with StraitsX Ecosystem: XSGD can be used within the StraitsX ecosystem to trade other assets.
• Cross-Blockchain Compatibility: XSGD’s availability on multiple blockchains enhances its accessibility and interoperability.

Risks and Considerations:

• Smart Contract Risks: As with any decentralized application, there is a risk of smart contract vulnerabilities.
• Collateral Risk: The value of XSGD depends on the value of the collateral assets in the backing pool.
• Algorithmic Risk: The algorithmic mechanism that maintains the peg to SGD could be susceptible to errors or manipulation.

Current Price and Market Capitalization:

As of July 14, 2024, the price of XSGD is $1.00 SGD. The market capitalization of XSGD is $22.2 million SGD.

Overall, XSGD is a decentralized and stablecoin that offers a number of potential benefits to users. However, it is important to be aware of the risks and considerations associated with using XSGD.