STRAITSX (XIDR): Paving The SEA Cryptocurrency Market Through A Fully Collateralized Payment Infrastructure
What is STRAITSX and what does XIDR offer?
StraitsX is here to improve the model of ASEAN fiat currencies through its native token and stablecoin. Southeast Asia is home to a digital economy of $600 million that is expected to triple in 2025. With this tremendous anticipated growth comes the requirement of a financial infrastructure that is speedy, interoperable, flexible, and transparent. That’s where StraitsX comes in.
As the first stablecoin initiative with a focus on Southeast Asia, the StraitsX initiative puts ASEAN-based institutions and individuals back at the center of crypto markets by providing stablecoins that enable markets denominated in their national currencies.
Predominant stablecoins in the current crypto market are tethered to the USD, which can place Southeast Asian investors and businesses at a disadvantage. The StrairsX initiative rectifies this through distributed ledger technology (DLT) for Southeast Asian fat currencies, thus enabling speedy, secure, and transparent settlements within the Southeast Asian region.
StraitsX’s stablecoins are fully collateralized at the one-for-one exchange with the fiat currency that it is tethered to. Their tokens are governed under the trusted oversight of local regulators and independent third-party auditors to ensure that every token issued by StraitsX truly represents its corresponding ASEAN currency.
XIDR is an Indonesian Rupiah backed stablecoin that is fully collateralized one-for-one with the Indonesian Rupiah (IDR). Each XIDR represents one Indonesian Rupiah — it can be used for trading and payment purposes and is always convertible to IDR on the StraitsX platform.
XIDR Token Overview
Token name: XIDR
Total supply: 113,902,104,683.32
Total circulation: 113,902,104,683.32
Trading pair: XIDR/USDT
Trade time: December 06, 10:00 AM, 2022 SGT
Withdrawal time: December 06, 09:00 AM, 2022 SGT
What are the utilities of the XIDR stablecoin?
● XIDR is a one-to-one fully collateralized stablecoin tethered to the Indonesian Rupiah (IDR). Its transactional value is equal to the fiat currency it represents. You can mint and transfer XIDR directly throughout the StraitsX platform.
● XIDR can be used as a means of payment for digital assets through the StraitsX platform.
● XIDR, as are all the stablecoins under StraitsX, are interoperable and multi-chain so it can communicate and exchange information between different systems.
● XIDR tokens are counted out to six decimal places, enabling micropayments.
● XIDR can be used for transactions in the StraitsX platforms and other digital platforms that the StraitsX tokens support.
● XIDR can be invested in the forex market through the StraitsX market, with no cross-border transaction fee.
● XIDR can be exchanged for fiat currency or other cryptocurrencies through the StraitsX platform.
What are the pillars of the STRAITSX platform?
By enabling users to convert fiat money seamlessly into widely accepted DLT-enabled digital tokens, StraitsX improves the model of money for ASEAN markets. StraitsX stablecoins like XIDR have the following features:
● Licensed by major payment institutions and audited by third-party auditors
● Fully backed by corresponding ASEAN fiat reserves
● Transparent and always exchangeable for its respective currency on the platform
● Multi-chain, thus improving speed, scalability, and cost efficiency
XIDR is the second native StraitsX token on the StraitsX platform, the first being XSGD. StraitsX intends to leverage its position in the Southeast Asian market as the most trusted stablecoin issue to then replicate it at scale in various other ASEAN regions., backed and audience by regulatory bodies of each region.
Upcoming features of the StraitsX platform include:
● Swapping XIDR between blockchains through the StraitsX Platform
● Transferring and exchanging XIDR through StraitsX’s private APIs, which sends and accept payments through multiple channels
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Website StraitsX Indonesia | Twitter | Facebook | Instagram
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