Tether, a prominent figure in the digital asset market, has announced a substantial investment of $18.75 million in XREX Group, a fully regulated financial firm based on blockchain technology. This collaboration aims to drive innovation in the digital asset industry by facilitating cross-border payments using USDT in new markets and enhancing regulatory technology.
Tether’s Investment of $18.75M in XREX Group to Boost Financial Inclusion in Emerging Markets
For more information:
https://t.co/R1rs7ZPoZc
— Tether (@Tether_to)
June 5, 2024
Tether’s Investment in XREX to Improve Cross-Border B2B Payments
With the backing from Tether, XREX intends to offer compliant cross-border B2B payments in emerging markets utilizing USDT. This is set to transform financial transactions by providing businesses with greater convenience, speed, and potentially lower fees. Additionally, XREX is planning to partner with the Unitas Foundation to launch XAU1, a stablecoin anchored to the USD and backed by Tether Gold (XAUt). This stablecoin will give customers a reliable option and a hedge against inflation.
The collaboration is also expected to drive innovation in Regulatory Technology (RegTech), offering solutions to detect and prevent the illicit use of stablecoins. Tether’s commitment to responsible financial oversight aligns with XREX’s mission to create a secure, user-friendly, and trustworthy environment for cryptocurrency users in these rapidly expanding markets.
Paolo Ardoino, Chairman of Tether, emphasized that this strategic investment in XREX Group underscores Tether’s dedication to promoting financial inclusion and growth in emerging markets globally. He noted that the advanced USDT Foundation will introduce a unique, versatile stablecoin and facilitate cross-border USDT payments.
Tether’s Investment in XREX Has the Potential to Revolutionize Global Financial Systems
Wen Huang, CEO of XREX Group, highlighted the successful partnership in aiding law enforcement agencies in identifying, apprehending, and prosecuting criminals. With Tether’s substantial support, XREX is extending this successful model to a range of RegTech products, positioning the company as a responsible financial institution that addresses common issues faced by users.
Winston Xiaojun Hsiao, CRO of XREX Group, expressed appreciation to Tether and other current investors for their involvement in this funding round, anticipating positive, lasting changes in the global clearing and settlement systems.
This announcement underscores Tether’s ongoing efforts to promote cryptocurrency adoption in emerging markets worldwide, empowering underserved communities and fostering a more interconnected, inclusive financial landscape.
Tags:
Tether
USDT
