PANews reported on September 24th that Coinbase will globally launch two local fiat stablecoins : AUDD (Australian Dollar stablecoin, issued by AUDC Pty Ltd ) and XSGD (Singapore Dollar stablecoin, issued by StraitsX ) on September 29th . Users can freely convert Australian dollars to AUDD and Singapore dollars to XSGD . Both currencies are backed by fiat reserves, and XSGD has been approved by the Monetary Authority of Singapore for compliance.