South African Firm Introduces XUS Stablecoin

Xago Technologies (Pty) Ltd, a financial technology company in South Africa, has announced the launch of Xago XUS, a stablecoin Stablecoin Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including Read this Term that supports the US dollar.

The company said the new stablecoin will enable its clients to deposit and payout funds using the US dollar and USD Coin (USDC) through its platform, Xago.

Xago, which announced the launch of the stablecoin on Wednesday in a press statement, said it was the first of many stablecoins it will make available on its platform.

With XUS, clients can now receive funds faster within hours, the fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term company said.

The Chief Executive Officer and Co-founder of Xago, Mark Chirnside, explained that while countries in Africa are the poorest globally, individuals in the continent are still being charged the highest international money transfer fees.

This fee is up to 14.5% of total funds for South Africans, for instance, Chirnside pointed out.

Chirnside added: “Xago is committed to developing innovative, faster-than-ever-before, low-cost transaction and trading capabilities, bringing certainty to our clients at a time when the world is still reeling from the costs of the COVID-19 pandemic.

“We are proud to announce the launch of the XUS stablecoin which enables our clients from all over the world to transact with US dollars.

“The funds will now arrive at their destination in a matter of hours, not days and for far less cost than even the global average of just over 6%.”

Xago’s Mission

Xago says it is seeking to transform the payments industry in Africa by bypassing traditional payment costs and delays.

To achieve this, the fintech firm says it is harnessing the power of mobile, retail network and blockchain technology.

“Banks, eCommerce platforms, retailers, mobile operators, crypto exchanges, commodity companies and international business owners partner with Xago to transfer money into and out of Africa rapidly, securely, compliantly, cost-effectively, and with certainty,” the company said in the statement.