South African Exchange, Xago, Launches a U.S Dollar Stablecoin and a Revolutionary App

Xago, a South African XRP-only exchange, has announced the launch of its stable coin, XUS, which is pegged to the U.S. dollar, empowering clients to deposit and pay out funds via U.S. dollars and $USDC via the Xago platform.

At the same time, the exchange has announced the launch of seamless trading functionality in its mobile app enabling clients to trade anywhere, anytime.

The latest version of the app also offers all the capabilities of Xago’s Xchange platform including speed of transactions, high security, full compliance, and Three Factor Authentication (3FA).


SEE ALSO: [PODCAST] A Chat with CEO of Xago, a South African based XRP-Only Ledger and Exchange


Speaking about the new trading functionality, Jurgen Kuhnel, Co-Founder, Xago, said:

“Our clients are our first priority and we are extremely proud to launch all of Xago’s unique trading platform functionality, in our highly secure, user-friendly mobile app which is now available in both the PlayStore and iStore

Developed by research scientists not only does the app’s authentication outperform conventional biometrics (fingerprint, facial recognition, voice recognition), but it also does what no on-device biometric is able to do – certify the identity of a person by referencing identity data held by the Department of Home Affairs (DHA), in real time.”

– Co-Founder, Xago

According to Xago, the mobile app has now made conventional login names and passwords redundant with a robust three 3FA that covers all of the following categories:

  • Knowledge (e.g. user credentials)
  • Possession (e.g. mobile device)
  • Inherence/biological feature (e.g. thumbprint or, in this case, neuromorphic biometric facial recognition)

With these, clients can simply look at their phone without having to type, touch, swipe, scroll, press or enter any information, knowing that they cannot be replaced by a fraudulent person.

Speaking about the the launch of the XUS stablecoin, Mark Chirnside, CEO, Xago, said:

“Xago is committed to developing innovative, faster than-ever-before, low cost transaction and trading capabilities, bringing certainty to our clients at a time when the world is still reeling from the costs of the Covid pandemic. Countries in Africa are the poorest globally, yet individuals are being charged the highest international money transfer fees with up to 14.5% in South Africaas an example. 

We are very proud to announce the launch of the XUS stable coin which enables our clients to transact with US dollars. The funds will now arrive at its destination in a matter of hours, not days, and for far less cost than even the global average of just over 6%. This is a first of many new stable coins to become available on Xago’s payment gateway and trade exchange

– CEO, Xago

The XUS stable coin is also available on Xago’s revolutionary mobile app.


RECOMMENDED READING: Xago Becomes the First Firm in South Africa to Implement the Management of Crypto Allowances


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