SA Exchange Xago launches XUS Stablecoin

A South African XRP-only exchange, Xago has announced the debut of its stable coin, XUS, which is tied to the US dollar and allows customers to deposit and withdraw funds using US dollars and $USDC on the Xago platform.

Simultaneously, the exchange announced the implementation of seamless trading capability in its mobile app, allowing customers to trade from anywhere at any time.

The app’s current version also includes all of Xago’s Xchange platform’s features, such as transaction speed, full compliance, maximum security, and Three-Factor Authentication (3FA).

Jurgen Kuhnel, Co-Founder of Xago, commented on the new trading functionality: “We are incredibly delighted to launch all of Xago’s unique trading software features in our high-security, user-friendly mobile application, which is now downloadable in both the iStore and PlayStore,” says the company.

“Not only will the application’s verification outperform traditional biometrics (voice recognition, face recognition, fingerprint), but it also does something no other on-device biometric can: it certifies a person’s identity in real-time by highlighting identity data collected by the Department of Home Affairs (DHA),” Xago Co-Founder added.

Also read, Naija Crypto partners Xago to permit Naira transfer to SA

According to Xago, the mobile app has rendered traditional login names and passwords obsolete, thanks to a strong three-factor authentication plan that serves all of the following categories:

• Understanding (e.g. user credentials)
• Ownership (e.g. mobile device)
• Inheritance/biological characteristic (e.g. thumbprint or, in this case, neuromorphic biometric facial recognition)

Clients can simply gaze at their phones without having to touch, type, swipe, tap, scroll or enter any information, safe in the knowledge that they will not be replaced by a fraudster.

This development is sure to curb financial crimes in the country and hopefully, the rest of Africa catches on.

The stablecoin being pegged at the USD will see cross-border transactions with little to no barriers.

Mark Chirnside, CEO of Xago, stated regarding the debut of the XUS stablecoin: “At a time when the globe is still reeling from the implications of the Covid epidemic, Xago is devoted to providing creative, faster-than-ever, reduced transaction and exchange capabilities, bringing stability to our clients.” Africa has the world’s poorest countries, but its citizens pay the highest remittance costs, up to 14.5 percent in South Africa, for example.

“We are excited to announce the debut of the XUS stable currency, which will let our customers transact in US dollars. The cash will now arrive at their destination in hours, not days, and for a fraction of the cost of the global average of slightly over 6%,” said the CEO at Xago.

Xago’s groundbreaking mobile app now supports the XUS stable currency.

Don’t miss important articles during the week. Subscribe to blockbuild weekly digest for updates.