• Xago launches the first South Africa stable coin that supports the USD
• The stable coin (XUD) runs on an app that is also newly launched 
• The launching of the XUD stable coin and the new app creates more room for disruptive innovations

 Xago Xchange platform recently introduced its XUS stable coin and an app that is expected to cause extensive innovation in the cryptocurrency space.

The stable coin enables the exchange platform’s users to transact with the U.S dollar and the $USDC on the platform. Users can also trade using the newly launched app across the globe at any time. 

The new app comes along with the potential benefits of the Xago Xchange platform. Users get to enjoy the high-speed rates of transactions, complete adherence, first-class security, and a three-factor authentication (3FA). The Xago app is accessible on the play store and App store.

The app gives leeway to several other revolutionary innovations for the Xago team and its partners across the globe.

Xago to cut transaction costs through XUSD

Xago’s CEO, Mark Chirnside, showed concern about the high rates of money transfers across the globe. He opined that South Africans and more countries from sub-Saharan Africa are being charged a transaction fee of up to 14%. Yet most of these areas are extremely poor, making it impossible for them to transact with these high costs. 

Users can trade the XUS stable coin with the US Dollar and the money transferred will take just a few hours. A transaction fee less than the world average of about 6% will be charged. 

Xago aims to reduce transaction costs while providing high intensities of speed in transactions.

Security is paramount to traders and investors

The Xago app has introduced a 3FA, which provides top security and users do not have to worry about unauthorized logins and transactions from their accounts.

The 3FA makes use of knowledge, possession, and inherence or abiological feature. These factors outdo the password and name login.  3FA allows users to log in by simply looking at their phones. With this level of security, users do not need to scroll, type, touch or enter any information, hence, providing maximum security.

Xago pioneers crypto regulations in SA

In October 2021, Xago joined forces with the South African regulatory body, the Intergovernmental Fintech Working Group (IFWG). The platform, Xago’s Discriminatory allowances (XDA), became the very first one to offer payment governance through cryptocurrency.

Through the partnership with the South African regulatory bodies, Xago joined other five companies in the South African Regulatory Sandbox.

Xago uses blockchain networks, mobile capabilities, and a set of sales outlets to revolutionize the traditional payment systems by outdoing the high costs and slow rates of transactions.

Xago has offered several of its partners, including retailers, mobile operators, banks, crypto exchanges, e-commerce ventures, and international investors, the opportunity to transact with ease. Security, compliance, speed and cost-effectiveness as Xago’s main goals for its platform.

Together with the IFWG, Xago has been at the forefront to advocate for justified crypto regulations in the crypto field.