PANews reported on November 16 that Ravi Menon, director of the Monetary Authority of Singapore, said that StraitsX has obtained preliminary approval from the Monetary Authority of Singapore for stablecoins. StraitsX also confirmed in its official blog that it has received in-principle approval from the Monetary Authority of Singapore (MAS) for the issuance of a single currency-pegged stablecoin. Used to issue XSGD (by StraitsX SGD Issuance Pte. Ltd.) and XUSD (each from StraitsX USD Issuance Pte. Ltd.）。 XSGD and XUSD are both single-currency pegged stablecoins (SCS) pegged 1-1 to the Singapore dollar and the US dollar, respectively. These stablecoins are designed to be substantially in line with MAS's upcoming regulatory framework for stablecoins. XSGD is currently minted and redeemable on its platform, and the company plans to issue XUSD at a later date. Speaking at the Singapore FinTech Festival's keynote, Monetary Authority of Singapore Managing Director Ravi Menon also said, "There are four types of contenders for digital currencies. He named them privately issued cryptocurrencies, CBDCs, tokenized bank liabilities, and well-regulated stablecoins. Cryptocurrencies do not perform well as a medium of exchange or store of value. Stablecoins and central bank digital currencies (CBDCs) (rather than cryptocurrencies) will be part of the financial ecosystem of the future.