XSGD

Overview

XSGD is a Singapore dollar stablecoin issued by StraitsX SGD Issuance Pte. Ltd., part of the StraitsX group. The issuing company is a distinct legal person from the group brand and from Xfers Pte. Ltd., which the whitepaper names as an affiliate rather than as the issuer.

Its disclosure does something most attested coins do not. An independent accountant's report names its firm in the text, states the assurance standard it was conducted under, gives the reserve composition line by line, and states that the company has satisfied four Monetary Authority of Singapore requirements for its reserve assets. Alongside that it publishes a per chain breakdown, which is what makes a reconciliation possible rather than only a comparison, and that breakdown is rarer than the attestation.

The published record runs to 73 reports from January 2022, and it is denser than the issuer says it is. The site describes the cadence as monthly. The series itself is monthly through 2024 and twice monthly from 2025, on the fifteenth and at month end. An issuer understating its own disclosure frequency is the opposite of the direction this map usually finds.

One qualification belongs beside all of that. The reports are not simply posted: reaching one requires passing an email capture form on the issuer's site. Published behind a form and published are not the same thing, and a reader should know which one they are getting before they click.

Sources: StraitsX XSGD, XSGD SCS Reserve Account Report, 30 June 2026, XSGD SCS Reserve Account Report, 31 May 2026

Backing and reserves

The reserve reports are Independent Accountant's Reports signed by KK YAP & ASSOCIATES, Public Accountants and Chartered Accountants, Singapore. The most recent covers 30 June 2026 and is dated 29 July 2026. The engagement is conducted under Singapore Standard on Assurance Engagements 3000 (Revised), established by the Institute of Singapore Chartered Accountants, with independence asserted under the ACRA Code. The firm's name sits in the document's text layer, which on this map is worth saying out loud.

The accountant's own language is the part to read closely, because it is stronger than most reports on this map. The firm states that it examined management's assertion, that the examination was planned and performed to obtain reasonable assurance, and it concludes with a positive opinion that the reserve account information is fairly stated in all material respects. Reasonable assurance carrying a positive opinion is the strongest form these engagements take, and it is not what a reader should assume from the presence of an accountant's letterhead.

At 30 June 2026 the report gives total par value of XSGD in circulation of S$ 23,661,169 against reserve assets of S$ 23,674,708. The 15 June report gives 27,339,116 and the 31 May report 26,568,488, so the token contracted through the second half of June. At 30 June the composition was S$ 11,330,779 in cash and S$ 12,343,929 in Singapore dollar bonds or notes with no more than three months residual maturity issued by the Government or the Monetary Authority of Singapore, or those instruments held under overnight reverse repurchase agreements with counterparties rated at least AA minus by Fitch or S&P or Aa3 by Moody's.

At 31 May those same two lines were S$ 15,013,117 and S$ 11,569,694. Read the two columns together and the reserve did not simply shrink with the token: cash fell by S$ 3,682,338 while the bond holding rose by S$ 774,235, so the issuer bought government paper during a month of net redemption and the reserve went from 56.5 percent cash to 47.9 percent. The buffer over circulation is thin at both dates, S$ 13,539 at 30 June, about six hundredths of a percent. A thin buffer on a reserve marked daily is a different thing from a thin buffer on a static one, and this page reports it as disclosed policy rather than as a safety score.

Read the boundary, and on this report it falls somewhere a reader would not expect. The accountant's report states, in its own voice and without attributing it to management, that the company has satisfied four Monetary Authority of Singapore requirements: reserve assets held in approved asset categories, valued at mark to market daily, held in segregated accounts on trust and with permitted custodians, and held in the currency XSGD is pegged to. The opinion paragraph that follows names only the Reserve Account Information as its subject, so those four points sit inside a signed accountant's report without being named as what the assurance covers.

Which of those four the examined figure actually carries is a question the criteria answer, and they answer it unevenly. Criterion B defines the reserve value "with characteristics as per paragraph 3 with composition as per paragraph 2". Paragraph 2 is the composition table. Paragraph 3 gives the currency of denomination and, "where applicable", daily mark to market valuation. Paragraph 4 is the one the criterion does not cite, and paragraph 4 is where the report defines the safeguarding institution: a bank licensed under section 7 or 79 of the Banking Act 1970, or a custodian licensed under section 82 of the Securities and Futures Act 2001.

So three of the four requirements sit in paragraphs the criteria point at, and the fourth is custody. Criterion B does use the words "held in a trust account maintained with a safeguarding institution", so the phrase is inside the criterion while the standard behind the phrase is not. Segregated custody is stated twice in this report, in management's paragraph 4 and in the accountant's list, and neither of those is a paragraph the examined figure is defined against. That is a fact about where the boundary falls rather than a doubt about the arrangement, and it falls away from the property a reader most wants pinned down. No institution is identified anywhere in the report, which makes XSGD the third coin in a row where the counterparty actually holding the money cannot be named from the disclosure.

The daily valuation carries its own hedge, which belongs to the document rather than to us. "Where applicable" is the report's wording, and cash has no market price, so daily marking bites on the bond half of the reserve, 52.1 percent of it at 30 June. DIA has not confirmed the issuer's licence class against the Monetary Authority of Singapore register, so the licence itself is reported here as asserted rather than as verified.

One gap in the report is worth naming precisely because the rest of it is strong. It describes no procedure performed on the blockchains themselves. Every chain reference sits inside management's assertion, never inside the accountant's description of what they did. So the opinion covers the reserve account and the company's assertion about tokens in circulation, and an independent read of the tokens is not part of the work described.

Sources: XSGD SCS Reserve Account Report, 30 June 2026, XSGD SCS Reserve Account Report, 31 May 2026, StraitsX XSGD

Risks

The interesting risk on XSGD is one that only exists because its disclosure is good.

The cadence is twice monthly, on the fifteenth and at month end, and the published series bears that out across 73 reports since January 2022. What varies is not the schedule but the lag between a reporting date and its signature. The 31 May report was signed 23 days later, the 30 June report 29 days later, and the 15 June report 44 days later, on the same day as the 30 June one, which reads as a catch-up rather than a lapse. When DIA last catalogued the series on 2026-07-30, neither June report had appeared yet; both were published afterwards.

That distinction is the reason this page dates its observations rather than asserting a present state. A lapse claim is falsified by the issuer simply publishing, and a page that carries one goes quietly wrong the moment they catch up. A lag is the durable fact, and on this issuer it runs to roughly three to six weeks.

The gap was countable at all only because the rhythm is stated and dense. A coin that publishes on no stated interval cannot be shown to have missed anything, and a coin that publishes annually looks the same in July as it did in February. So a reader comparing pages on this map will see a lag recorded against the best-disclosed coin and none against weaker ones, and the honest reading is the opposite of the intuitive one. Visible gaps are a property of frequent dated disclosure. The absence of a visible gap elsewhere is usually the absence of a schedule to miss.

The custodian question is unresolved in the same way it is on most of this map. Reserve assets sitting in a trust account at an unnamed safeguarding institution carry that institution's credit standing, and a reader cannot assess an institution nobody names.

Concentration reads differently on the two chains that matter. On Ethereum, Blockscout reported 3,553 holders and 155,572 lifetime transfers behind the supply when DIA read it on 2026-07-30. On Base, the same read gave 1,121 holders against 745,964 lifetime transfers.

This page carries no concentration percentage for XSGD, and the reason belongs on a map about transparency. When DIA checked the explorer's holder balances against the contract itself on 5 August 2026, the busiest deployments were the least accurate. On Base, eighteen of the top twenty balances were overstated and the five largest summed to more than the entire supply, which is arithmetically impossible and a signal that the index lags outgoing transfers. On Ethereum the same check moved an address out of the top five. Holder counts survive that reconciliation and percentages drawn from the same source do not, so the counts are published here and the percentages are not. Read together those say Base is where XSGD is actually transacted and Ethereum is where it is held, which is a distinction a single headline supply figure erases.

Sources: XSGD SCS Reserve Account Report, 30 June 2026, XSGD SCS Reserve Account Report, 31 May 2026, StraitsX XSGD, Blockscout, XSGD on Ethereum

What this map tracks

XSGD is the coin on this map where a reconciliation is possible rather than only a comparison, because the issuer publishes a per chain breakdown alongside its attested total.

That reconciliation has been done, and it holds. A DIA research read of the six EVM chains at the report's own instant, 30 June 2026 at 23:59:59 Singapore time, came to within 0.41 XSGD of what the report attests for those same six chains, a difference explained entirely by the report rounding to whole tokens. Checking an attestation at the instant it names is the only comparison that means anything, and most reports on this map do not name one.

CoinGecko reported circulating supply of 15,794,889 XSGD on 2026-07-30, roughly 40 percent below the 26,568,488 attested at 31 May and roughly 33 percent below the 23,661,169 attested at 30 June. Both halves of that gap are dated and the gap moves as the series moves, so it describes two instants rather than a standing property of the coin. That is a stronger finding than an aggregator lacking coverage, because here coverage exists and the figure still disagrees.

The supply panel on this page is a different quantity again, and the page should say so rather than let the three be read as one number. The 30 June report attests against ten chains. DIA holds addresses for fewer, and the panel above rendered four of those ten on the 2026-08-07 snapshot and three on 2026-08-05, when the Ethereum read failed. Base is among the chains it does not read, and Base is not a rounding leg: in the issuer's own breakdown it carries roughly a quarter of the total. So the figure in the panel is a floor, it sits below both the attested figure and the aggregator's for that reason alone, and a reader should not take it as DIA's answer to what XSGD is worth.

The research read covering all ten chains and the panel above are two different instruments, one a dated one off check and the other what this map computes on a schedule. They are reported here as two things rather than blended into one number.

Sources: XSGD SCS Reserve Account Report, 30 June 2026, XSGD SCS Reserve Account Report, 31 May 2026, StraitsX XSGD, CoinGecko, XSGD

Common questions