[XSGD]

XSGD

Grade
B+
Date of Rating:
June 4th, 2023
Last Change:
-
SMIDGE Scores
[S] Stability
[M] Management
[I] Implementation
[D] Decentralization
[G] Governance
[E] Externals
[S]
0.82
[M]
0.91
[I]
N/A
[D]
0.00
[G]
0.79
[E]
N/A
XSGD Price
Last Update:
12/04/2024 19:00:15
$0.733296
Market Cap
$36,472,767
24h Volume
$18,382,969
Collater­alization
100%
Type of Peg
Fixed - To Fiat
Type of Backing
Fiat
Data provided by Coingecko
SMIDGE Scores
[S] Stability
[M] Management
[I] Implementation
[D] Decentralization
[G] Governance
[E] Externals
[S]
0.82
[M]
0.91
[I]
N/A
[D]
0.00
[G]
0.79
[E]
N/A
Core Team
  • Liu Tianwei

  • Kenny Chan

Native Chains
  • Ethereum

  • Zilliqa

  • Polygon

[S]
[M]
[I]
[D]
[G]
[E]
0.82
0.91
0.00
0.00
0.79
0.00
XSGD
B+
  • XSGD is a Singapore Dollar-denominated stablecoin issued by XFERS Pte Ltd.

  • XFERS is licensed by the Monetary Authority of Singapore (MAS) as a Major Payment Institution.

  • XSGD is fully backed by cash deposits at banks and bills issued by the MAS.

XSGD's rating can be upgraded from B+ to A- by:

  • incorporating transparent and reasonable timelines for redemption in the Terms of Service.

XSGD
Stability
Stable
0.82/1
Stable

The Stability factor is evaluated on the following:

1. Reserves Management - Quality, quantity, storage and segregation of reserve assets

2. Market Feedback - Indicators of market's confidence in a stablecoin derived from price and trade data

3. Mechanism - Stabilization methods that protect the stablecoin

XSGD
Management
Very Low Risk
0.91/1
Very Low Risk

The Management factor is evaluated on the following:

1. Restrictions - What deterrents exist to prevent key personnel of stablecoin projects from unethical and illegal behavior?

2. Negative Track Record - Have key personnel been involved in scams, frauds or other illegal activities?

XSGD
Implementation
Not Assessed
N/A
Not Assessed

This factor aims to assess risks arising from technical implementations – i.e, smart contract code and oracles. It is currently not assessed, but we plan for it to be evaluated in the future.

XSGD
Decentralization
High Risk
0.00/1
High Risk

The Decentralization factor is evaluated on the following:

1. Platform Censorship Risk

2. Custodian Risk

3. Type of Collateral

4. Diversified voting Power

5. User Censorship Risk

XSGD
Governance
Low Risk
0.79/1
Low Risk

The Governance factor for fiat-backed stablecoins is evaluated on the following:

1. Holder Protection - What rules, statutes or code exist to protect interests of stablecoin holders?

2. Reserves Verification - What checks are done to ensure existence of reserves?

3. Redemptions - Do issuers have transparent and reasonable redemption terms?

XSGD
Externals
Not Assessed
N/A
Not Assessed

This factor seeks to incorporate external feedback mechanisms such as market and social sentiment into our internal ratings. It is currently not assessed, but we plan for it to be evaluated in the future.