(Press Release – Singapore, Singapore, May 2, 2024)
MAS-supervised trustee Propane Announces support for Fathom Dollar's FXD, a stablecoin pegged to the US dollar designed to bridge the $5 trillion trade finance gap. This development puts FXD at the forefront of real assets (RWA), leveraging the power of blockchain to enhance global trade finance operations. Propine, licensed by the Monetary Authority of Singapore, is a prominent digital asset custodian serving large institutional clients.
FXD is a cryptocurrency with a stable price and previously over-collateralized XDC Network token and RWA, including trade finance assets. It has emerged as a use case-based solution amid growing concerns about the trade finance gap. It has created a major barrier to global trade, particularly affecting small and medium-sized enterprises.
By providing a stable and reliable transaction medium and store of value, FXD aims to facilitate core functions in the $30 trillion global trade finance market. This includes cross-border transactions, borrowing against receivables, and generally turning trade finance into an alternative investment category for non-banking institutions.
“Propine is committed to facilitating the rapid and secure adoption of digital assets and cryptocurrencies by institutional investors and regulated businesses,” said Tuhina, Founder and CEO of Propine. “To this end, we have adopted compliance and security standards that serve as industry standards. As the industry continues to expand, we see Great potential to further act as a trusted partner for organizations seeking to enter this field smoothly and securely.
Manuel Rensink of Fathom: “Propine offers world-class services and was our choice for their battle-tested reservation. Despite all the shocks that have rocked the industry, Propine has remained resilient due to their governance, controls and internal systems. They have consistently led innovation in The digital asset custody space has raised the bar. Propine's support for FXD is a game changer, providing a seamless on/off service between digital assets and fiat currencies that is essential for enhancing liquidity and accessibility of foreign currencies, making it an attractive option for businesses and financial institutions Working in international trade.
“Integrating Propine’s custody solutions with FXD ensures that users can enjoy the highest standards of security and compliance, which is essential in the highly regulated financial sector,” added Resink. “As FXD gains more attention, Propine’s role in its custody and management will undoubtedly be a key factor.” In its success, it represents a new era in integrating real-world assets with digital finance solutions.
About propane
Propane It is a licensed, audited and insured digital asset custodian based in Singapore. The company is transforming how digital assets are stored and traded by providing reliable, secure and scalable solutions to institutional clients. Propine also enables investors to tokenize previously illiquid asset classes such as corporate bonds, real estate, private equity, funds, arts, natural resources, and derivatives. The company aims to support clients in unleashing their potential within a regulatory compliant and legally robust framework.
To learn more, users can visit propane.com Or follow Propine on LinkedIn, Youtube, X (formerly Twitter)
About the understanding protocol
to understand It is a liquidity protocol where users can deposit XDC tokens or RWA collateral and borrow FXD. This opens the door to programmatic financing solutions for individuals and businesses that were not previously available. Furthermore, investors and savers can (re)invest their foreign currencies to gain competitive returns. Fathom DAO is governed by FTHM token holders who can vote on the inclusion of new collateral types, interest rates, and more. Fathom is built on the XDC network to be at the heart of the decentralized finance (DeFi) institutional ecosystem. https://fathom.fi/
About XDC Network:
XDC Network It is an open source, carbon neutral, EVM compatible, layer 1 blockchain that has been operationally successful since 2019. The network obtains consensus through specially delegated Proof of Stake (XDPoS) technology that allows 2-second transaction times, Near-zero gas expenses ($0.0001), over 2,000 TPS, and interoperability with the ISO 20022 financial messaging standards. The XDC network powers a wide range of new blockchain use cases, including trade finance, payment, and RWA tokenization, and is secure and scalable Developable and highly efficient. website: xinfin.org | xdc.org
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