Coinbase Global Inc. (NASDAQ: COIN) has announced plans to list local stablecoins in Australia and Singapore. The top-tier cryptocurrency exchange, which is regulated by the respective local authorities, plans to list Novatti Australian Digital Dollar (AUDD) and XSGD (XSGD) on September 29, 2025.
“Supporting local currency stablecoins is synonymous with our commitment to invest in our key international markets, like Australia and Singapore, by continuing to localise our product offerings. Users in Australia and Singapore respectively, will now be able to convert from AUD to AUDD and SGD to XSGD for free,” Coinbase noted.
Why is Coinbase Listing Local Stablecoins in Singapore and Australia?
Coinbase has noted an increased interest in local stablecoins in Singapore and Australia. The cryptocurrency exchange recently conducted a survey through Ipsos and found out that more than 70% of crypto owners in Singapore and Australia are interested in tapping into local stablecoins.
As such, Coinbase is keen to use local stablecoins as a tool to help in its mission of onboarding 1 billion people to crypto. Moreover, more businesses are likely to participate in on-chain activities through familiar currencies, which have less friction.
Notably, the AUDD is used by AUDC Pty and it is redeemable at 1:1 for the Australian dollar. The XSGD is issued by StraitsX and regulated by the Monetary Authority of Singapore (MAS) via the Single Currency Stablecoin (SCS) regulatory framework.
Bigger Picture
The stablecoin market is at the heart of the mainstream adoption of crypto assets. Following the enactment of the GENIUS Act in the United States, the stablecoin market has grown rapidly to reach $300 billion at press time.
The mainstream adoption of stablecoins has also accelerated in the recent past due to the rising interest from traditional financial institutions.