MAS-regulated custodian Propine has announced its support for Fathom Dollar’s FXD, a stablecoin pegged to the US dollar and designed to bridge the $5 trillion trade finance gap. This development positions FXD at the forefront of real-world assets (RWA), leveraging the power of blockchain to enhance global trade finance operations.
Propine, licensed by the Monetary Authority of Singapore, is a digital asset custodian serving large institutional clients.
FXD is a stable-price cryptocurrency “over-collateralized by the XDC network token and RWA, including trade finance assets.”
It has emerged as a use case-driven solution “amidst growing concerns over the trade finance gap. It has been a significant barrier to global trade, particularly affecting small and medium-sized enterprises (SMEs).”
By offering a transaction medium and store of value, FXD aims to “facilitate essential functions in a $30 trillion global trade finance market.”
This includes cross-border transactions, borrowing “against receivables, and generally turning trade finance into an alternative investment class for non-banks.”
Tuhina, Propine’s Founder and CEO, said:
“Propine is dedicated to facilitating swift and secure adoption of digital assets and cryptocurrencies by institutional investors and regulated businesses. To this end, we have adopted compliance and security standards that serve as industry benchmarks. As the industry continues to expand, we see significant potential to further serve as a trusted partner for organizations seeking to enter the space seamlessly and securely.”
Manuel Rensink from Fathom:
“Propine offers world-class services, and their battle-tested custody has been our choice. Despite all the shockwaves that enveloped the industry, Propine has been resilient because of its governance and internal controls & systems. They have consistently led innovation in the digital asset custody space and raised the bar. Propine’s support for FXD is a game-changer, providing a seamless ramp on/off service between digital assets and fiat currencies. This service is crucial for enhancing the liquidity and accessibility of FXD, making it an attractive option for businesses and financial institutions engaged in international trade.”
He added:
“The integration of Propine’s custody solutions with FXD ensures that users can enjoy the highest security and compliance standards, essential in the highly regulated financial sector. As FXD gains traction, Propine’s role in its custody and management will undoubtedly be a key factor in its success, marking a new era in integrating real-world assets with digital finance solutions.”
As covered, Propine is a licensed, audited, and insured digital asset custodian headquartered in Singapore.
The company is engaged in “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, art, natural resources, and derivatives.”
The company is geared to support clients in unlocking their potential “within a regulatorily compliant and legally robust framework.”
