XSGD
XSGD runs on the Ethereum, Polygon, Avalanche, Hedera & Zilliqa blockchains.
Tags:Cryptocurrencies ETH TOKENCoin ETH tokenXSGD is a fully collateralized Singapore Dollar stablecoin, powered by open-source blockchain protocols. It is backed one for one with Singapore Dollar (SGD).
Key Features of XSGD:
- Stablecoin: XSGD aims to maintain a peg of 1 SGD.
- Decentralized: XSGD is issued and managed by the StraitsX platform, a decentralized organization.
- Over-collateralized: XSGD is over-collateralized, meaning there is more collateral in the backing pool than the total amount of XSGD in circulation.
- Multiple Blockchains: XSGD runs on the Ethereum, Polygon, Avalanche, Hedera & Zilliqa blockchains.
- No Minting Fees: There are no fees for minting or burning XSGD.
How XSGD Works:
- Collateral Deposit: Users deposit SGD into the StraitsX platform to mint XSGD.
- Price Oracle: A price oracle feeds real-world asset prices into the StraitsX platform.
- Algorithmic Adjustment: The StraitsX platform algorithmically adjusts the exchange rate between XSGD and other assets to maintain the peg to SGD.
- Redemption: Users can redeem their XSGD for SGD at any time.
Benefits of Using XSGD:
- Decentralized and Stable: XSGD offers a decentralized and stable alternative to SGD.
- No Minting Fees: There are no fees for minting or burning XSGD.
- Integration with StraitsX Ecosystem: XSGD can be used within the StraitsX ecosystem to trade other assets.
- Cross-Blockchain Compatibility: XSGD’s availability on multiple blockchains enhances its accessibility and interoperability.
Risks and Considerations:
- Smart Contract Risks: As with any decentralized application, there is a risk of smart contract vulnerabilities.
- Collateral Risk: The value of XSGD depends on the value of the collateral assets in the backing pool.
- Algorithmic Risk: The algorithmic mechanism that maintains the peg to SGD could be susceptible to errors or manipulation.
Current Price and Market Capitalization:
As of July 14, 2024, the price of XSGD is $1.00 SGD. The market capitalization of XSGD is $22.2 million SGD.
Overall, XSGD is a decentralized and stablecoin that offers a number of potential benefits to users. However, it is important to be aware of the risks and considerations associated with using XSGD.
XSGD | |
Total supply: | 83,617,320 XSGD |
Contracts: Ethereum | 0x70e8de73ce538da2beed35d14187f6959a8eca96 |
X: | @straitsx |
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