BasedApp Launches XSGD Rewards Program Offering Up to 1.5% Interest

Singapore fintech BasedApp rolls out up to 1.5% APY interest rewards on stablecoin XSGD deposits to boost adoption.

Singapore-based fintech startup BasedApp unveiled a new rewards program allowing its debit card users to earn up to 1.5% annual percentage yield (APY) interest on XSGD stablecoin deposits. The move aims to boost adoption of XSGD while providing BasedApp clients with an easy way to earn crypto yields.

“As a homegrown Singapore fintech, we’re thrilled to support XSGD and enable our users to capitalize on this special opportunity,” said BasedApp CEO Shannen Chong in an interview. “This promotional APY creates a use case for customers to try transacting with comply stablecoins while also earning attractive returns.”

The XSGD token is issued by blockchain infrastructure developer StraitsX and pegged 1:1 to the Singapore dollar. StraitsX received In-Principle Approval from the Monetary Authority of Singapore (MAS) as a Major Payment Institution, positioning XSGD to comply with upcoming stablecoin regulations.

How the BasedApp XSGD Rewards Work

BasedApp debit card holders can qualify for the 1.5% APY interest by maintaining average daily balances of at least 500 XSGD throughout each month. Average…