The Rise of Non-USD Stablecoins & Why They Are Relevant to Southeast Asia - TOKEN2049 Singapore 2022
Explore the evolving landscape of non-USD stablecoins and their growing significance in Southeast Asia in this engaging session from TOKEN2049 Singapore 2022. Join Tian Wei, co-founder and Deputy CEO of Fast and its Web3 arm, StraitsX, as he delves into the critical role non-USD stablecoins play in revolutionizing the financial landscape of Southeast Asia.
With an emphasis on the launch and growth of StraitsX's flagship products—XSGD and XIDR, two pioneering stablecoins backed by the Singapore Dollar and Indonesian Rupiah, respectively—Tian Wei highlights their impact on the region. These stablecoins, recognized for their regulatory compliance and one-to-one fiat backing, are instrumental in enhancing financial services accessibility in a region with over 400 million adults, half of whom remain underbanked.
Tian Wei also discusses the challenges and opportunities in Southeast Asia, where diverse domestic payment systems and closed-loop ecosystems, or walled gardens, hinder true financial interoperability. Highlighting blockchain technology’s potential to transform these financial infrastructures, he showcases how stablecoins can support faster, cost-effective settlements and real-world applications beyond speculation, such as payments, insurance, and lending.
As the digital economy gains traction in Southeast Asia, StraitsX stands at the forefront, promoting financial inclusivity and innovation through local currency-backed stablecoins. Watch to understand the untapped opportunities this burgeoning market presents.
Engage with this essential discussion on non-USD stablecoins and their transformative potential. If you find this content insightful, please like, comment, and subscribe for more updates from TOKEN2049.
