Digital asset payment infrastructure StraitsX receives initial approval from the Monetary Authority of Singapore for stablecoins.

BlockBeats news, on November 16th, Menon, the managing director of the Monetary Authority of Singapore, announced that the digital asset payment infrastructure StraitsX has received preliminary approval from the Monetary Authority of Singapore for its stablecoin. (Jinshi) Previously, on May 24th, the digital asset payment infrastructure StraitsX launched the Singapore dollar stablecoin XSGD on Hedra. Users can send and receive XSGD on the Hedera network through the StraitsX platform. The Hedra Foundation stated that XSGD may be listed on trading platforms in the coming months.