StraitsX to issue SGD stablecoin native to Monad

StraitsX announced it will issue a Singapore dollar–denominated stablecoin native to the Monad blockchain. The token will be pegged 1:1 to the Singapore dollar and designed for on-chain payments, settlements and decentralized finance applications on Monad.

The company said the stablecoin will be minted on Monad and made available to developers, wallets and exchanges operating on the network. StraitsX described the token as intended for transactions and pricing in SGD for merchants and decentralized applications that run on Monad, removing the need to use cross-chain bridges to settle in Singapore dollars.

StraitsX confirmed the token will be redeemable for Singapore dollars and backed by fiat reserves held in custodial accounts. The firm plans to publish regular attestations from independent auditors to verify the reserves that support the peg. The token will be subject to StraitsX’s existing compliance controls, including know-your-customer and anti-money-laundering checks for on- and off-ramps.

The company plans to work with wallet providers, custodians and exchange partners to enable custody, trading and fiat on-ramps for the Monad SGD token. Integrations will follow common wallet standards on Monad and involve commercial partners that can support redemption and fiat transfers off chain. StraitsX did not disclose initial partner names or which custodians will hold the reserves.

Monad is a smart-contract blockchain that supports token issuance and developer tooling. StraitsX said choosing Monad is meant to give businesses and developers on that chain a native SGD option for pricing, payments and liquidity.

No firm launch date or timetable for regulatory filings was provided. StraitsX indicated it will publish technical specifications, compliance documentation and auditor attestations as the project progresses and will engage the Monad developer community to support integrations and use cases.