Standard Chartered has partnered with Singapore stablecoin issuer StraitsX to provide cash management and custody services for two of its stablecoins in Singapore dollars and US dollars.
StraitsX provides the most popular Singapore dollar stablecoin XSGD and has been involved in numerous trials run by the Monetary Authority of Singapore (MAS), including for purpose bound money (PBM). This is where a stablecoin is wrapped with permissions so it can only be used to pay certain organizations. One of the ideas is to use it for kids pocket money.
The startup is also licensed by MAS as a major payment institution.
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