Tether Invests $18.75M in XREX Group for Cross-Border Payment Innovation
The partnership will further innovation in Regulatory Technology (RegTech), to create solutions to detect and prevent the illegal use of stablecoins.
Tether, a prominent stablecoin issuer and a key player in the digital asset industry has invested $18.75 million in XREX Group, a regulated entity specializing in blockchain technology. This partnership is set to drive innovation within the digital asset space, with a special emphasis on enabling USDT-based cross-border payments in emerging economies and enhancing regulatory technology.
With significant funding from Tether, XREX Group aims to enhance compliant USDT-based cross-border business-to-business payments in emerging markets, offering businesses improved efficiency, simplicity, and the potential for lower costs. Furthermore, XREX plans to partner with the Unitas Foundation to launch XAU1, a USD-pegged unitized stablecoin supported by Tether Gold (XAUt), offering users a stable option and protection against inflation.
The partnership will further innovation in Regulatory Technology (RegTech), to create solutions to detect and prevent the illegal use of stablecoins. Tether's dedication to prudent financial management aligns with XREX's goal of establishing a safe, accessible, and reliable space for cryptocurrency users in emerging markets.
Paolo Ardoino, CEO of Tether, stressed the company's commitment to promoting financial inclusion in these markets through this investment. He pointed out significant initiatives, such as introducing a novel unitized stablecoin by the Unitas Foundation and enabling USDT-based cross-border payments, which aim to redefine financial accessibility and efficiency in the area.
Wayne Huang, CEO of XREX Group, thanked Tether for its support and investment, highlighting the broadening of their partnership to include creating a RegTech product line. He underlined the significance of conscientious financial practices in effecting a positive transformation in the international clearance and settlement systems.
XREX Group features a varied array of investors, including prominent organizations like the Taiwanese Government National Development Fund, CDIB Capital Group, SBI Holdings, and E.Sun Financial Holding. XREX Singapore has recently obtained the Major Payment Institution license from the Monetary Authority of Singapore, and XREX is operating with the Registered VASP status from Taiwan's Financial Supervisory Commission.
These investments highlight Tether's commitment to fostering cryptocurrency adoption in emerging markets and supporting underserved populations. As an innovator in stablecoin technology, Tether is focused on creating a sustainable framework that promotes financial inclusivity, communication resilience, and economic development.
