Singapore-based StraitsX, a payments infrastructure for digital assets, will pilot stablecoin applications at the ongoing Singapore Fintech Festival.
See related article: Singapore’s DBS Bank trials use of digital SingDollar with vouchers
StraitsX has partnered Mastercard, IDEMIA, The HBAR Foundation, and Carbonseed.Earth to explore advantages of stablecoins such as higher payment efficiency, financial inclusion and energy-efficient transactions.
“The digital assets landscape has been evolving and gaining traction as more businesses recognise the benefits of blockchain technology, but there is still untapped potential when it comes to using stablecoins as a means of payment in real-world use case applications,” Aymeric Salley, head of StraitsX, said in a statement emailed to Forkast.
StraitsX, which describes itself as a Major Payment Institution licensed by the Monetary Authority of Singapore (MAS), is also testing issuance of purpose bound money (PBM) in the form of commercial digital vouchers during the Singapore Fintech Festival (SFF).
During SFF, 5,000 trial participants will be able to utilize PBM in the form of digital vouchers through their preferred blockchain e-wallet application, the company said in a statement on Monday.
Participants can use the vouchers sponsored by Singapore’s sovereign wealth fund Temasek to make purchases at select food and beverage outlets at the SFF, StraitsX said.
See related article: USDC stablecoin issuer Circle wins Singapore digital payment license