Singapore MAS-licensed crypto platform MetaComp has announced the launch of StableX, a cross-border FX payments platform, powered by stablecoins.
The digital payment token service provider, which received a Major Payment Institution (MPI) from the Singapore regulator, said that StableX enables “always-on access” to foreign exchange with speed, cost-efficiency, and reliability.
The platform is developed for cross-border merchants, institutions, fintechs and global businesses, an official release shared by Colin Wu, read.
StableX to Support USDT, USDC
The StableX platform currently supports Tether (USDT) and USD Coin (USDC), the two top stablecoins per market cap. It is looking to add other prominent stablecoins, including FDUSD, PYUSD, and WUSD, as a part of its asset offering.
Further, StableX uses an “intelligent routing engine,” which automatically selects between USD or stablecoins to carry out each transaction.
“[It chooses] depending on which rail offers the best outcome in terms of cost, speed, and settlement certainty,” MetaComp said.
“StableX was purpose-built for cross-border B2B payments,” said Tin Pei Ling, Co-President of MetaComp. “With StableX, we’re making it faster, more intelligent, and more stable to move money globally — and we’re doing it with the power of stablecoins.”
MetaComp’s CAMP Helps in Seamless ‘High-Volume’ FX Transactions
In an exclusive interview with Cryptonews last year, Eddie Hui, Chief Operating Officer and Co-President of MetaComp, said that the company is building a Client Asset Management Platform (CAMP) that fully manages users’ fiat and cryptos.
StableX will leverage CAMP to enable high-volume FX transactions across borders, the release noted.
“We’re trying to promote the adoption of crypto as a real and legitimate asset class that could allow you to do anything else in the rest of the traditional finance,” Eddie told Cryptonews at the time, adding that the CAMP platform would centralise all those services.
Additionally, CAMP will offer the opportunity for clients to obtain yield on treasury balances and available liquidity, MetaComp noted.
StableX will initially support a set of currency pairs and aims to roll out access to 31 major currencies that MetaComp already supports. “This phased rollout ensures liquidity, operational reliability, and regulatory compliance as users grow their global payment operations,” it added.
The post Singapore-Based MetaComp Launches Stablecoin-Powered FX Payment Platform appeared first on Cryptonews.
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