Standard Chartered to Provide Banking Services for StraitsX Stablecoins in Singapore

  • Standard Chartered expands digital asset services by partnering with StraitsX for stablecoin custody in Singapore.
  • The partnership covers management of Singapore dollar (XSGD) and US dollar stablecoins.
  • StraitsX holds a major payment institution license from Singapore’s central bank.
  • Standard Chartered already provides similar services to Paxos for non-US stablecoins.
  • The bank is launching a separate stablecoin venture in Hong Kong with Animoca Brands and Hong Kong Telecom.

Standard Chartered is deepening its involvement in digital assets through a new partnership with Singapore-based stablecoin issuer StraitsX to provide custody and cash management services for stablecoins denominated in Singapore and US dollars.

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The collaboration marks a significant expansion of traditional banking services into the digital asset space. StraitsX, which issues the widely-used XSGD stablecoin, has established itself as a key player in Singapore’s digital currency landscape. The company has participated in several initiatives led by the Monetary Authority of Singapore (MAS), including innovative projects like purpose bound money (PBM) – a system that enables programmable stablecoins with specific spending permissions.

Standard Chartered’s move reflects growing institutional interest in stablecoin infrastructure. Stablecoins, which are cryptocurrencies pegged to traditional assets like fiat currencies, serve as a bridge between conventional banking and digital finance. They have proven particularly valuable for cross-border transactions, offering faster settlement times and reduced costs compared to traditional payment systems.

The banking sector sees multiple revenue streams from stablecoin services. “This partnership reinforces our role in supporting responsible growth within the industry,” says Luke Boland, Head of Fintech, Asia at Standard Chartered Bank, highlighting the bank’s commitment to digital assets.

Standard Chartered’s stablecoin strategy extends beyond Singapore. The bank currently provides services to Paxos, a major stablecoin issuer known for partnering with Paypal‘s PYUSD and previously managing Binance‘s stablecoin. The bank’s latest venture in Hong Kong, partnering with Animoca Brands and Hong Kong Telecom, signals its ambitious plans to become a leading institutional player in the digital asset ecosystem.

This strategic expansion comes as traditional financial institutions increasingly recognize stablecoins as a permanent fixture in the future of financial services, bridging the gap between conventional banking and digital innovation.

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