Standard Chartered Bank has deepened its involvement in the stablecoin market through a strategic partnership with Singapore-based StraitsX, a licensed stablecoin issuer. The collaboration focuses on enhancing the reserve management of StraitsX’s US Dollar (XUSD) and Singapore Dollar (XSGD) stablecoins, ensuring security, transparency, and institutional-grade reliability.
As part of the agreement, Standard Chartered will provide cash management and custody services for the reserve assets backing XUSD and XSGD, enabling seamless and secure access for businesses and individuals. This follows a similar arrangement with Paxos in December 2023, where Standard Chartered offered cash management, trading, and custody services for Paxos stablecoins.
Luke Boland, Head of Fintech, Asia at Standard Chartered, stated, “This partnership reinforces our commitment to the digital asset ecosystem and supports responsible growth in the industry. We aim to enhance payment rails, making digital financial services more accessible and efficient.”
The announcement comes shortly after Standard Chartered revealed a joint venture with Animoca Brands and HKT to issue a Hong Kong dollar-backed stablecoin.