Blockchain infrastructure company DSRV announced on the 2nd that it has signed a strategic memorandum of understanding (MOU) with StraitsX, a Singapore-based digital payment infrastructure company.
Through this agreement, both companies plan to collaborate on △developing issuance and redemption technologies for fiat-based stablecoins △building cross-border retail payment infrastructure △ensuring policy consistency with regulatory authorities. They aim to implement an actual-use infrastructure that connects payment systems of various countries beyond simple technological linkage.
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DSRV will develop a blockchain payment infrastructure based on its stablecoin issuance and cross-chain bridge technology that can be interoperable with Singapore's stablecoins. They plan to enable real-time cross-border payments through interconnection with regional payment service providers in various countries.
In this process, they will simultaneously conduct proof of concept (PoC) based on actual use cases and discover commercially viable business models. DSRV will also provide opportunities for brand exposure and partnership expansion in the Korean market to its Singapore partner company, introduce its technology and infrastructure to the Singapore market, and operate joint marketing channels.
StraitsX is an issuer of stablecoins XSGD, XUSD, and XIDR, which are pegged to Singapore Dollar (SGD), US Dollar (USD), and Indonesian Rupiah (IDR). Currently, StraitsX is expanding payment solutions using stablecoins in Singapore domestic and cross-border transactions through partnerships with Alipay Plus and Grab. When paying at Grab Pay merchants using major Korean simple payment apps like Naver, Kakao, and Toss, settlements are made using XSGD issued by StraitsX.
Tenway Liu, StraitsX CEO, will visit Korea this month to introduce successful development cases of Singapore's stablecoin ecosystem. DSRV plans to demonstrate cross-border payment using stablecoins.
A DSRV representative said, "Since the development teams of both companies have been collaborating since the beginning of this year and have already completed the development of cross-border payment services, if there is institutional support such as regulatory sandboxes, foreign tourists will be able to shop conveniently at domestic stores without exchange, and stores can receive immediate settlement through won-based stablecoins at low fees within this year".
- Reporter Kim Jung-woo
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