Standard Chartered Bank is stepping deeper into the stablecoin space through a strategic partnership with StraitsX, a Singapore-licensed stablecoin issuer, to strengthen the reserve management of its US Dollar and Singapore Dollar stablecoins, XUSD and XSGD.
The collaboration positions Standard Chartered as one of Straits’ trusted banking partners, reinforcing the security, transparency, and institutional-grade reliability of stablecoins as they gain traction in mainstream finance.
Under the agreement,Standard Chartered will provide cash management and custody services for the reserve assets backing StraitsX’s stablecoins, XUSD and XSGD, facilitating seamless and secure access to XUSD and XSGD for businesses and individuals.
It follows a similar arrangement made by Standard Chartered in December to provide cash management, trading, and custody services for Paxos stablecoins.
“This partnership further expands Standard Chartered’s wide-ranging involvement across the digital asset ecosystem, reinforcing our role in supporting responsible growth within the industry as well as the bank’s regard for digital assets as an important and permanent part of the future of financial services,” says Luke Boland, head of fintech, Asia at Standard Chartered Bank. “We look forward to working closely with StraitsX and the growing ecosystem to enhance essential payment rails that make digital financial services more accessible and efficient.”
News of the deal comes just a day after Standard Chartered announced the formation of a joint venture partnership with Animoca Brands and HKT to issue a Hong Kong dollar-backed stablecoin.