Introduction to StableX
MetaComp, a cryptocurrency platform licensed by the Monetary Authority of Singapore (MAS), has introduced a new service called StableX. This service is designed to enhance cross-border foreign exchange (FX) payments using stablecoins. The initiative follows the company’s acquisition of a Major Payment Institution (MPI) license, which enables it to offer efficient digital payment solutions.
Key Features of StableX
According to a statement from the company, StableX aims to provide constant access to foreign exchange services characterized by speed, cost-effectiveness, and reliability. Targeted users of this platform include merchants engaged in international trade, financial institutions, fintech companies, and global enterprises.
Currently, StableX supports two significant stablecoins—Tether (USDT) and USD Coin (USDC), which rank among the top stablecoins by market capitalization. The platform is poised to expand its offerings by incorporating additional stablecoins such as FDUSD, PYUSD, and WUSD in the future.
Transaction Optimization
Utilizing an advanced “intelligent routing engine”, StableX optimizes transaction processing by automating the decision to use either USD or stablecoins based on the most advantageous terms, including cost, speed, and assurance of settlement.
“StableX has been specifically designed for business-to-business (B2B) cross-border payments,” stated Tin Pei Ling, Co-President of MetaComp. She emphasized that the platform aims to facilitate quicker, smarter, and more stable global financial transactions through the utilization of stablecoins.
Future Developments and CAMP
During a previous interview, Eddie Hui, the Chief Operating Officer and Co-President of MetaComp, revealed that the firm is also working on a Client Asset Management Platform (CAMP). This innovative service is intended to comprehensively manage customers’ fiat and cryptocurrency holdings. StableX will utilize CAMP for processing high-volume FX transactions internationally, thereby promoting the legitimacy and integration of cryptocurrencies within traditional financial systems.
Moreover, CAMP is designed to allow clients to earn interest on their treasury reserves and liquid assets. The rollout of StableX will commence with a specific set of currency pairs, with aspirations to support 31 major currencies already embraced by MetaComp. The phased launch strategy intends to ensure adequate liquidity and operational reliability while adhering to regulations as users expand their global payment capabilities.
