Xago announces its first stable coin outside of SA Rands, XUS supporting the US Dollar

by | Apr 28, 2022 | News

Xago Technologies (Pty) Ltd., announces the launch of its stable coin, XUS which supports the US dollar, empowering clients to deposit and pay out funds, with US dollars and USDC via the Xago platform. Xago was founded in 2016 in South Africa, to enable individuals to send money instantly, at a fraction of the cost of traditional operators, all with the certainty that the transaction is highly secure, compliant, and knowing exactly when it arrives at its pay-out point.

According to a recent report by The World Bank Group on the average cost of sending remittances in Africa, fees from all the parties involved in an international money transfer cost 15.05% in South Africa with the global average at just 6.04%.

“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 fees. We are very proud to announce the launch of the XUS stable coin which enables our clients to now 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 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,” confirms Mark Chirnside, CEO and Co-founder of Xago.

Xago’s XUS is also available on Xago’s revolutionary mobile app, of which a new version was released recently. The mobile app uses advanced (future generation) neuromorphic computing technologies to simulate human cognition – how the brain naturally and instinctively recognises people. Xago takes security, client verification and authentication very seriously and the mobile app has now made conventional login names, passwords and One Time Passwords (OTPs) completely outdated.

The mobile app’s Three Factor Authentication (3FA) has all of the following categories: knowledge (e.g. password), possession (e.g. mobile device) and inherence/biological feature (e.g. thumbprint or, in this case, neuromorphic biometric facial recognition). 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.  A world-first.

About Xago Technologies (Pty) Ltd.

Banks, eCommerce platforms, retailers, mobile operators, crypto exchanges, commodity companies and international business owners partner with Xago to transfer money into and out of Africa rapidly, securely, compliantly, cost-effectively and with CERTAINTY. Our executive team works with the South African Financial Regulators (the IFWG) and has always championed fair regulation of the crypto industry.  Xago harnesses the power of mobile, retail networks and blockchain technology in playing a crucial role to transform the payment industry by bypassing traditional payment costs and delays, with a focus on empowering people in Africa. www.xago.io

For more information, please contact:
Cheridan Inglis
Chief Marketing Officer
cheridan@xago.io