Neobank Wirex Expands Stablecoin Roster

The Singapore dollar-pegged XSGD from StraitsX joins euro and US dollar-backed stablecoin pairs

article-image

Blockworks exclusive art by Axel Rangel

share
  • XSGD was chosen as Wirex’s first APAC-based stablecoin
  • Wirex users will be able to spend XSGD via the Wirex card

The Singapore dollar-backed stablecoin XSGD now has a market capitalization of about $206 million US dollars, as tracked by Coingecko, amid a total stablecoin market approaching $170 billion. That’s just 0.1% of the total stablecoin market, and yet it makes XSGD the third largest non-USD currency in the stablecoin category, after the euro.

The three leading euro stablecoins Euro Tether, Stasis Euro, and sEUR (from Synthetix) collectively register about $411 million.

The US dollar shows little sign of relinquishing its dominance any time soon, however StraitsX co-founder predicted in October that a majority of stablecoins will eventually be non-USD denominated.

Ease of on-boarding into stablecoins remains the chief barrier to adoption and that’s what the latest announcement from Wirex, a worldwide digital payment platform created in 2014, seeks to address.

The London-based firm developed the world’s first crypto-enabled payment card in 2015, allowing users to spend crypto alongside traditional currencies, and now sports around 4.5 million customers in 130 countries, according to the company.

“It’s vital to offer a wide variety of tokens to suit all users, regardless of their lifestyle and experience with crypto,” said Wirex co-founder and CEO Pavel Matveev in a statement on Thursday, noting that stablecoins are key to attracting new users who seek to avoid the rampant volatility of other digital assets.

Wirex first supported stablecoin was MakerDAO’s DAI back in 2019, but newly available on the platform are True (TUSD), USD Coin, (USDC), Tether (USDT), Paxos’ USDP, Stasis Euro (EURS) and XSGD, with the caveat that only some stablecoins are available in certain regions.

StraitX introduced an Indonesian Rupiah-backed stablecoin in November, and it’s sister company FinTech Xfers is licensed by the Monetary Authority of Singapore for e-money issuance.

Aymeric Salley, Head of StraitsX, sees a bright future for 11 ASEAN group of countries in Southeast Asia, and said in a statement, “we’re delighted to see Wirex pioneering this effort with XSGD now being supported by the Wirex platform. We look forward to users being able to spend XSGD via the Wirex card.”


Get the day’s top crypto news and insights delivered to your inbox every evening. Subscribe to Blockworks’ free newsletter now.


Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 24 - 26, 2026

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Unlocked by Template (1).jpg

Research

As AI supercharges surveillance, privacy becomes a prerequisite and the winning stack will combine confidentiality with selective disclosure. Zcash’s Tachyon, composable standards on Ethereum/Solana, and compliance-aware pools aim to make private rails the new norm.

article-image

Bain Capital Crypto and Haun Ventures co-led the round as demand grows for Bitcoin-denominated savings and annuities

by Blockworks /
article-image

NYSE owner’s investment values the prediction market at $8–9 billion, signaling Wall Street’s entry into event-based trading

by Blockworks /
article-image

Pineapple begins deploying its $100 million Injective Digital Asset Treasury, staking INJ to earn yield and fund onchain mortgage ambitions

by Blockworks /
article-image

Staking levels in the ether funds will depend on protocol unstaking queue times and anticipated redemption activity, firm says

article-image

ETF inflows, miner strength, and tightening supply drive Bitcoin past its prior peak amid renewed demand for scarce assets

by Blockworks /
article-image

The Guidestar team, led by Alex Nezlobin, will join Uniswap Labs to enhance automated market maker design and smart order routing

by Blockworks /