Coinbase will start listing AUDD and XSGD, two fiat-backed local stablecoins, on September 29 at 19:00 UTC, according to an official update published by the company. These are the first Australian dollar and Singapore dollar stablecoins to be added to the platform, with trading available globally; no regions are geo-blocked. The company claims that this move is part of its plan to help onboard a billion people into crypto by giving users the ability to transact in familiar currencies. People in Australia and Singapore will be able to convert AUD to AUDD and SGD to XSGD without paying fees, according to Coinbase. Local stablecoins start gaining serious traction The stablecoin market is blowing up. It crossed $250 billion in market cap by June 2025, which is a 50% jump from the previous year. In 2024, these tokens processed more than $30 trillion in transactions. And that number’s still climbing. Analysts now expect stablecoins could grow into a $2 trillion asset class in the next few years. That growth is dragging in businesses too. In Coinbase’s State of Crypto report, 81% of crypto-aware small and mid-sized U.S. businesses said they want to start using stablecoins for payments. On top of that, the number of Fortune 500 companies looking into stablecoins has more than tripled since last year. But almost everything onchain is still in U.S. dollars. About 60% of global currency reserves are held in USD, but 99% of stablecoins in circulation are pegged to it. That makes it hard for people outside of the U.S. to move money in their own currencies. Local stablecoins like AUDD and XSGD aim to fix that gap. A survey by Ipsos for Coinbase found that over 70% of crypto owners in Australia and Singapore want local stablecoins they can actually use. Coinbase says adding these tokens will help users avoid foreign exchange fees, reduce transfer friction, and give businesses a better way to settle cross-border payments. It’s also a way to localize product offerings in markets that matter. Coinbase said , “Local currency stablecoins are key to unlocking new opportunities for consumers and businesses in their day-to-day operations.” AUDD and XSGD get real-world backing and government nods The Australian Digital Dollar (AUDD) is issued by AUDC Pty Ltd. It’s fully backed by fiat reserves and redeemable 1:1 with the Australian dollar. It’s meant for institutions that want programmable finance with something more stable than volatile crypto tokens. XSGD is issued by StraitsX, pegged to the Singapore dollar, and already got a greenlight from the Monetary Authority of Singapore (MAS). It’s compliant with the upcoming Single Currency Stablecoin (SCS) regulatory framework, making it one of the few local stablecoins that have passed a real regulatory check. Both of these tokens are designed for more than just holding value. They’re being built into agentic commerce systems, setups where AI agents can spend stablecoins on data and services instantly and without needing approval. These are already being tested in both Australia and Singapore, giving these countries a leg up in real-world crypto usage. Sign up to Bybit and start trading with $30,050 in welcome gifts
