The Circle Pressroom

Press Release
November 24, 2022

StraitsX introduces USDC support for Business and Personal Accounts

SINGAPORE, 24 November 2022StraitsX, a part of Southeast Asia digital financial services group, Fazz, a Major Payment Institution in Singapore announced today that it has partnered with Circle Internet Financial, a global financial technology firm and the issuer of USD Coin (USDC) and Euro Coin (EUROC), to promote greater access and adoption of USDC by enabling its personal and business account users to deposit and receive USD/USDC via the StraitsX platform.

StraitsX account holders will now be able to mint USDC by depositing USD into their StraitsX accounts, and redeem USDC to receive USD in their StraitsX accounts.

With USDC being one of the fastest-growing stablecoins in the world and a widely requested asset from partners on StraitsX, the integration aims to better serve its business, corporate, institutional and retail users. As of 24 November 2022, over 20 million USDC has been traded since the launch of the StraitsX OTC desk, and in 2022, demand on the platform for the digital asset continues outpacing 2021 growth with three times as many trades year over year.

"We’re thrilled to partner with Circle to start offering USDC to StraitsX Account holders. This partnership marks the first time we are directly partnering with another stablecoin issuer and we look forward to more collaborations with like-minded partners such as Circle,” said Aymeric Salley, Head of StraitsX.

“We are excited to partner with StraitsX and we look forward to them offering the stability of USDC to their customers in the Asia Pacific region and beyond,” said Raagulan Pathy, Vice President of Asia Pacific for Circle.