Coinbase has announced a partnership with StraitsX to list the Singapore dollar-backed stablecoin, XSGD, on its platform. The move makes a regulated, non-USD stablecoin available to Coinbase's global user base, signaling a strategic expansion into the Asia-Pacific (APAC) market.

This collaboration is significant as both Coinbase and StraitsX are licensed as Major Payment Institutions (MPIs) by the Monetary Authority of Singapore (MAS). The listing of a stablecoin acknowledged by the local regulator highlights a growing industry trend towards compliance and collaboration with financial authorities.

The introduction of XSGD on a major international exchange underscores the increasing demand for a wider variety of regulated stablecoins beyond those pegged to the US dollar. For Coinbase, it represents a key step in catering to regional markets and strengthening its foothold in the burgeoning Southeast Asian digital asset economy. This signals a broader shift in the market as exchanges seek to diversify their offerings and tap into local currency preferences.