Tether, a key player in the digital asset market, has announced a new investment of $18.75 million in XREX Group, a fully regulated blockchain-based financial firm. This partnership is set to drive innovation in the digital asset industry, facilitating cross-border payments through USDT in new markets and enhancing regulatory technology.
Tether’s Investment in XREX Group to Boost Financial Inclusion in Emerging Markets
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June 5, 2024
Tether’s Investment in XREX to Improve Cross-Border B2B Payments
With the backing from Tether, XREX aims to offer compliant cross-border B2B payments in emerging markets using USDT. This move is expected to revolutionize financial transactions by providing businesses with increased convenience, speed, and potentially lower fees. Additionally, XREX plans to partner with the Unitas Foundation to introduce XAU1, a USD-anchored stablecoin backed by Tether Gold (XAUt), offering customers a stable option and a hedge against inflation.
The collaboration is also anticipated to drive innovation in Regulatory Technology (RegTech), providing 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 environment for cryptocurrency users in rapidly expanding markets.
This strategic investment in XREX Group demonstrates Tether’s dedication to promoting financial inclusion and growth in emerging markets globally, stated Paolo Ardoino, Chairman of Tether. Ardoino emphasized that the advanced USDT Foundation will introduce a versatile compound stablecoin and facilitate cross-border USDT-based payments.
Tether’s Investment in XREX Poised to Transform Global Financial Systems
Wen Huang, CEO of XREX Group, highlighted the successful collaboration with law enforcement agencies in apprehending criminals. With Tether’s support, XREX is now leveraging this success to develop a series of RegTech products, positioning the firm as a responsible financial institution.
Winston Xiaojun Hsiao, CRO of XREX Group, expressed gratitude to Tether and other investors for their involvement in this funding round, emphasizing the potential for long-term positive changes in global clearing and settlement systems.
This announcement underscores Tether’s ongoing efforts to promote cryptocurrency adoption in emerging markets, empowering underserved communities and fostering a more interconnected and inclusive financial landscape.
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