Singapore Dollar-Backed Stablecoin to Start Trading on Coinbase

Coinbase has a new offering for traders on its platform: a stablecoin backed by the Singapore dollar, coming amid growing appetite for the crypto instrument. The U.S. crypto exchange has partnered with digital payment infrastructure provider StraitsX to roll out the stablecoin, called XSGD, which is pegged to Singapore's currency. "This partnership marks Coinbase's continued efforts to expand across the APAC region," the companies said in a statement Wednesday. Stablecoins are a type of digital currency that are steadier than peers like Bitcoin as they are backed by reserves of...