XSGD

Fiat-Backed Stablecoin·active·Singapore

XSGD is a Singapore dollar stablecoin issued by StraitsX, a payment institution licensed by the Monetary Authority of Singapore. Each token is backed one to one by Singapore dollar reserves, with monthly attestation reports from an independent auditor. Launched in 2020, it circulates on nine blockchains including Ethereum, Solana and the XRP Ledger.

M69 Score

Methodology →

2.5

Weakly aligned

Monetary Sovereignty

2.4

Civilizational Durability

2.3

Universal Adoption

2.7

Rated 7d ago

M69 Verdict

XSGD is the Singapore entry in the regulated fiat-wrapper class: six years live, nine chains, MAS-licensed with monthly attestations, but a small circulating base and a fully borrowed unit of account.

M69 Score

M69 Alignment2.5

Weakly aligned

1.02.03.04.05.0

Monetary Sovereignty2.4

Issuance (3x) + Stability (2x) + Fiat Indep. (2x)

Civilizational Durability2.3

Sovereignty + Governance + Resilience

Universal Adoption2.7

Traction (2x) + Inclusivity

Iss Mod3x

3.0

Stability2x

3.0

Fia Ind & Int2x

1.0

Traction2x

3.0

Sovereignty

2.0

Governance

2.0

Resilience

3.0

Inclusivity

2.0

Scored against the Money2069 Manifesto — see methodology. Higher = more aligned.

Detailed Rating Breakdown

Issuance Model3x

3.0

One-to-one mint and redemption against SGD reserves under a MAS Major Payment Institution licence. Debt-free but a single permissioned issuer anchored to fiat.

Spending Power Stability2x

3.0

Full reserves with monthly attestations from an ISCA-listed auditor (published through June 2026); peg at S$0.9997 (CoinGecko, 2026-08-24). Stability is inherited from the SGD, a low-inflation fiat, with no purchasing-power mechanism of its own.

Fiat Independence & Interoperability2x

1.0

Hard SGD peg, fully fiat-asset reserves, dependent on Singapore banking rails. Nine-chain presence comes from standard per-chain deployments; no open interoperability standard of its own.

Traction2x

3.0

Live since 2020 across nine chains; S$16M circulating (CoinGecko, 2026-08-24) and over $18B cumulative on-chain volume together with sibling XUSD (Cointelegraph, 2025-12-16). Supply is small and the fiat dollar remains the unit of account.

Sovereignty

2.0

Centralized regulated issuer under a single jurisdiction (Singapore); standard freeze capability for the licence class.

Governance

2.0

Corporate governance inside a regulatory framework; transparent attestations but no community control or binding external process.

Resilience

3.0

Six years live including the 2022-23 crypto stress without mechanism failure; licensed operating business; fully dependent on Singapore banking.

Inclusivity

2.0

Minting and redemption are KYC-gated; tokens circulate permissionlessly once issued; benefits accrue to the issuer.