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In a recent tweet, Coinbase CEO and cofounder Brian Armstrong has revealed the crypto exchange's decision to list two new local stablecoins: AUDD and XSGD.
Coinbase will be listing two local currency stablecoins: AUDD and XSGD. These would be the first AUD- and SGD-denominated stablecoins on Coinbase.
AUDD is an Australian Digital Dollar issued by AUDC Pty Ltd, a fiat-backed stablecoin designed to be redeemable 1:1 for AUD and built for institutional-grade, programmable finance.
XSGD, a fiat-backed stablecoin, is issued by StraitsX. XSGD has been acknowledged by the Monetary Authority of Singapore (MAS) to be compliant with the upcoming Single Currency Stablecoin (SCS) regulatory framework.
On Sept. 29 at 7:00 p.m. UTC, the two new fiat-backed local currency stablecoins, AUDD and XSGD, would go live on Coinbase. From this date, XSGD and AUDD will be available on Coinbase.com and the Coinbase mobile app.
Coinbase CEO reacts
Coinbase CEO Brian Armstrong weighs in on the new stablecoin listings, noting it is essential for crypto business growth and adoption.
According to Armstrong, local stablecoins are essential to drive local crypto business growth and help to onboard many more new people to crypto. Thanks to Coinbase's listing, users in Australia and Singapore, respectively, will be able convert from AUD to AUDD and SGD to XSGD for free.
Coinbase noted that the listing move remains integral to its mission to onboard one billion people to crypto, enabling users to transact seamlessly in familiar currencies without the friction of foreign exchange volatility.
According to CoinMarketCap data, the stablecoin market is currently valued at $307 billion, with analysts predicting this asset class to be worth $2 trillion in the years to come.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team