Listing Local Currency Stablecoins in Singapore and Australia
TLDR: Coinbase will be listing two local currency stablecoins: AUDD and XSGD. They are the first AUD and SGD denominated stablecoins on Coinbase. As the global economy increasingly adopts stablecoins, local currency stablecoins are key to onboarding more people to crypto and unlocking new opportunities to use the technology in the day-to-day lives and operations of consumers and businesses.
Starting on October 1, 2:30 UTC, two new fiat-backed local currency stablecoins are available on Coinbase globally: AUDD and XSGD.
Stablecoins are rapidly becoming the backbone of the global payments system by offering a faster, cheaper, and more efficient alternative to fiat transfer methods. As the global economy moves online, stablecoins (particularly local currency stablecoins like AUDD and XSGD) will become the default way people and businesses move money both across borders and within local economies.
These assets are integral to Coinbase's mission to onboard 1 billion people to crypto, enabling users to transact seamlessly in familiar currencies without the friction of foreign exchange volatility. By providing access to local currency stablecoins on the most trusted crypto exchange, Coinbase is unlocking new opportunities for individuals and businesses to participate in the onchain economy, driving adoption and utility at scale. A recent survey conducted by Ipsos on behalf of Coinbase found that over 70% of crypto owners in Singapore and Australia are interested in using a local currency stablecoin.
Supporting local currency stablecoins is synonymous with our commitment to invest in our key international markets, like Australia and Singapore, by continuing to localise our product offerings. Users in Australia and Singapore respectively, will now be able convert from AUD to AUDD and SGD to XSGD for free.
Stablecoins’ iPhone Moment
Stablecoins are seeing significant adoption. As of June 2025, the stablecoin market cap surpassed $250B, up 50% YoY, and some analysts believe it may become a $2T asset class in the next few years. And last year, stablecoins settled over $30 trillion in transactions. Meanwhile, our recent State of Crypto report found that 81% of crypto aware US based SMBs are interested in using stablecoins in their business, and the number of Fortune 500 companies who say their company plans to use or are interested in stablecoins increased more than 3x compared to 2024 findings. While interest is growing, local currency stablecoins have room to grow. About 60% of global currency reserves are dollar assets, but 99% of current onchain digital money is USD denominated. As stablecoin markets converge with FX markets, we expect local currency stablecoin adoption to grow.
This underscores the growing demand for stablecoins that meet local needs, like AUDD and XSGD, which empower businesses and individuals to transact in their native currencies while benefiting from the efficiency and programmability of crypto. These local currency stablecoins both serve as tools for greater efficiency, and represent a critical step in making the benefits of the global crypto economy accessible to everyone, everywhere, 24/7. For example, local currency stablecoins are key to unlocking agentic powered commerce in Australia and Singapore, whereby stablecoins are used by AI agents to immediately, independently, and efficiently pay for services and data.
Introducing AUDD and XSGD
AUDD - The Australian Digital Dollar is issued by AUDC Pty Ltd. It is a fully collateralised, fiat-backed stablecoin designed to be redeemable 1:1 for AUD and built for institutional-grade, programmable finance.
XSGD - A fiat-backed stablecoin, issued by StraitsX. XSGD has been acknowledged by the Monetary Authority of Singapore (MAS) to be compliant with the upcoming Single Currency Stablecoin (SCS) regulatory framework.
XSGD and AUDD will be available on coinbase.com and the Coinbase mobile app.
About John O’LoghlenRegional Managing Director APAC & Country Director AustraliaJohn O'Loghlen is the Coinbase Country Director, Australia. Prior to joining Coinbase, John led the expansion of Alibaba Group and Ant Group in Australia and New Zealand as well as overseeing the WorldFirst cross border payments business. Before relocating to Sydney in 2014, John spent the previous 11 years in China building businesses in the food delivery space following on from a career in investment banking with Goldman Sachs in London, New York and Beijing.
About Hassan AhmedCountry Director, SingaporeHassan serves as the Country Director of Singapore at Coinbase. Prior to Coinbase, Hassan held dual roles at GoTo Group as the Chief Executive Officer of Coins.ph, the largest crypto brokerage in the Philippines; and SVP Strategy for Gopay, Indonesia's eWallet service.
Hassan's professional experience extends to New York, where he oversaw the launch of eToro’s regulated crypto trading platform in the United States as Director of Finance & Operations. Hassan is a knowledgeable leader in the crypto and fintech industry, and is passionate about working with regulators and industry partners to unlock the future of money.
Hassan has an MBA from Harvard Business School.
About Sanchittha KrishnanProduct ManagerSanchittha Krishnan is a product manager at Coinbase working on stablecoin enablement and strategy. She brings a wealth of product experience across both the crypto and fintech spheres, having previously held roles at Mastercard, Revolut, and most recently Ripple.
