Dezy Pte Ltd UEN: 202116623N, 
68 Circular Road #02-01, Singapore 049422

Dezy launches yielding in XSGD

Eric Dadoun

CEO at Dezy
Published on 20.09.2022
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Some of you may have seen hints of this in our monthly newsletter… we’re excited to announce - stablecoin yielding on Dezy. 

You can now earn up to 5.65% a year starting with XSGD.

This means that you are able to enjoy yields on an additional asset as part of your 100K deposit limit with Dezy. 

Together with Xfers and StraitsX we are fully committed to the efforts to establish XSGD as a solid asset in Singapore and it's our pleasure to continue finding new ways for consumers to gain access to and make use of XSGD. 

Haven’t increased your deposit limit?

Take various quizzes via our new learn-to-earn feature so you can better understand how Dezy works better, how the technology works, earn bonuses and unlock higher deposit limits along the way. 

What is XSGD?

XSGD is a stablecoin pegged to the Singapore Dollar and is issued by StraitsX by Xfers. XSGD is fully backed with fiat reserves in a bank account that is regulated by the Monetary Authority of Singapore. 

Related: Algorithmic vs 1:1 Backed vs Collateralised Stablecoins

What is Xfers? 

Xfers is a licensed major payment institution in Singapore by the Monetary Authority of Singapore.

How does Dezy generate up to 5.65% a year on XSGD? 

Dezy takes a risk-mitigated approach diversifying funds across a range of audited and battle-tested sources of yield. 

XSGD FAQs

Here are some FAQs to help you better understand our XSGD product, which is currently in beta.

What is the deposit limit for XSGD?

Your overall deposit limit for Dezy is set to a maximum of $100,000 after completing various quizzes via our Learn & Earn modules. This means that you can deposit a total of $100,000 in total across SGD and XSGD. 

Is there a minimum deposit for XSGD?

For the XSGD product there is no minimum requirement, but to withdraw XSGD you will need to meet the withdrawal limit of $2,500. 

How do I deposit XSGD?

You can deposit XSGD once you have a verified account with Dezy. You will need to whitelist your wallet address within Dezy by performing a test transaction. Instructions can be found within your account dashboard. 

Do I have to pay Ethereum GAS fees when making an XSGD deposit?

When you deposit your XSGD to Dezy, you will have to pay for the Ethereum GAS fees. 

Is there a minimum withdrawal limit for XSGD?

The minimum withdrawal limit is $2,500. This is to ensure gas efficiency on the Ethereum blockchain which Dezy will absorb for customers when users withdraw their XSGD.

How do I withdraw XSGD?

You can withdraw XSGD into an address that you have whitelisted with Dezy. This can be any verified Ethereum (ERC-20) wallet address on a wallet such as Metamask or Trust wallet or an XSGD wallet on an exchange.

To whitelist your wallet, please add your wallet address in the “Deposit XSGD” section and make a test transaction to the Dezy deposit wallet from the address you want to whitelist.

After the wallet is whitelisted and verified, you can schedule a withdrawal to the wallet from your XSGD balance. We will process withdrawals on the 15th of each month. Please note that withdrawals have a minimum amount of XSGD 2,500.00 and can be canceled/changed right up till midnight of the day before the 15h of each month. 

Once the transaction is processed, your balance will be updated and the XSGD will be sent back to your whitelisted wallet. An Etherscan link and transaction ID of the processed withdrawal will be added to your transaction list for your convenience. That way you can track all your deposits and withdrawals on-chain directly on the Ethereum network.

Do I have to pay Ethereum GAS fees when making an XSGD withdrawal?

When you make an XSGD withdrawal from Dezy, Dezy will cover the GAS fees for the transaction.

Do Dezy rewards apply to XSGD deposits? 

At this stage, our XSGD feature is in beta and Dezy Rewards will not be applicable. This will change in the future. Watch this space.

Is my XSGD secured similarly to my SGD with Dezy? Can I use the wallet address provided in the XSGD flow to see Dezy’s yielding strategy?

The core of our security infrastructure remains built around multi-sig wallets and vaults that we maintain with Copper. XSGD is stored in its own independent wallet within that infrastructure and so wallet activity will not be reflective of all Dezy vaults. We remain committed to being transparent with our customers and will continue to work towards more clarity around underlying strategies, wallet activity, and associated items across all products and vaults.

Do you support the transfer of USDT or USDC?

No, we do not support the transfer of USDT or USDC. Until recently we did not support the transfer of stablecoins at all. We are in the process of rolling out a feature that will support XSGD. This will likely lead to support for additional stablecoins in the future but that is not yet enabled.

Do you support the transfer of any other cryptocurrencies?

No, Dezy does not support the transfer of any cryptocurrencies except for XSGD at this stage. Any transfer of other tokens may lead to permanent loss.


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Disclaimer:

All bonuses are locked for 30 days.

Dezy reserves the right to disqualify users with malicious activity from all the above promotions.

Decentralized finance is an emerging field with fluid regulations. Learn more about the risks involved.

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    Dezy Pte Ltd UEN: 202116623N, 80 Robinson Road, #08-01, Singapore 068898
    Disclaimers:
    1. Decentralised finance is an emerging field with fluid regulations and not without risk.
    2. Dezy is not licensed by the Monetary Authority of Singapore.
    3. Learn more about how we mitigate risk for consumer protection with insurance, diversification, and technical security measures.
    4. Dezy insurance coverage applies only to certain assets / protocols where insurance is applicable. Learn more about insurance.
    Dezy Pte Ltd UEN: 202116623N, 80 Robinson Road, #08-01, Singapore 068898