StraitsX USD, a stablecoin issued by a Singaporean firm, surged in market value by 5% following the announcement of its listing on Binance.
Market Analysis
On March 17, Binance announced the listing of StraitsX USD. Following this announcement, the USD-pegged stablecoin's price increased to $1.05 despite its average price ranging from $0.99 to $1.00. As of the press time, the price stood at $1.03, marking a 3.5% increase.
Listing and Trading
Trading for the XUSD/USDT pair on Binance will commence on March 19 at 08:00 UTC. There will be no trading fees applied for this pair from the launch date for an indefinite time. Starting March 20, users can withdraw XUSD from the platform.
Platform and Capabilities
StraitsX USD is a stablecoin backed 1:1 by reserve assets with the US dollar, designed to facilitate fast transactions. The stablecoin is also useful for cross-border remittances, on-chain trading, DeFi applications, and corporate treasury management.
The listing of StraitsX USD on Binance highlights the growing interest in stablecoins and their importance in the modern financial ecosystem.
