Tether Invests 18.75M Dollar in XREX Group to Facilitate USDT based Cross border Payments
Tether, the largest firm in the digital asset industry, has announced a $18.75 million strategic investment in XREX Group, a fully regulated, Taiwan based blockchain-enabled financial institution. This move aims to enhance cross-border business-to-business (B2B) payments in emerging markets using USDT.
Stablecoin issuer Tether announced in a press release that XREX and the Unitas Foundation will work together to launch XAU1, a unitized stablecoin pegged to the US dollar that is over-reserved with Tether Gold (XAUt) which will offer users with a reliable alternative and hedge against inflation.
Paolo Ardoino, CEO of Tether, stated, "Tether's strategic investment in XREX Group signifies the company's unwavering commitment to fostering financial inclusion in emerging markets."
We grow stablecoin ubiquity where it truly matters.
— Paolo Ardoino 🤖🍐 (@paoloardoino) June 5, 2024
The rich countries look at stablecoins just as a nice to have new shiny toy.
While there are 5 billion people in emerging markets that need a better solution for remittances, payments and fighting local inflation.$USDt today… https://t.co/vtaydLbFsX
We are proud to share that @Tether_to has announced a strategic investment of $18.75M in XREX Group. This collaboration aims to drive innovation in the digital asset industry, facilitate USDT-based cross-border payments in emerging markets, and innovate regulatory technology. /1 pic.twitter.com/c9TtEOYzy4
— XREX Inc. (@xrexinc) June 5, 2024
This partnership will spur innovation in the field of regulatory technology (RegTech), improving methods for identifying and stopping the unauthorized use of stablecoins. Tether's adherence to responsible financial stewardship is in line with XREX's commitment to creating a trustworthy, safe, and open environment for all cryptocurrency users in developing nations, the statement read.
According to Wayne Huang, CEO of XREX Group, "Tether and XREX have successfully partnered to help law enforcement agencies identify, arrest, and sentence criminals."
We're building on this success by launching a RegTech product line with Tether's support and investment, which will further establish XREX Group as a responsible financial organization, Huang added.
Winston Hsiao, CRO of XREX Group, stated that the global clearance and settlement systems will bring long-term, positive change as a result of this stablecoin-enabled financial inclusion movement.
Tether and Bitdeer, a Bitcoin mining company, recently signed a private share sale agreement worth up to $150 million in addition to this investment.
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