Tether invests $18.75 million in XREX to facilitate cross-border payments in emerging markets.@2024
Tether has invested $18.75 million in XREX, a Taiwan-headquartered cryptocurrency exchange, to facilitate cross-border business-to-business payments in emerging markets
- The investment will also be used to develop regulatory technology tools to detect and prevent the illicit use of stablecoins.
- XREX will work with the Unitas Foundation to launch XAU1, a USD-pegged unitized stablecoin.
- Tether's stablecoin technology will provide accessible, secure and efficient financial infrastructure to small to medium-sized businesses in emerging markets.
Stablecoin issuer Tether
USDT +0.032%
announced an $18.75 million investment in XREX Group, a Taiwan-headquartered cryptocurrency exchange.
XREX said in a statement shared with The Block that, with the new funding, the company plans to further facilitate cross-border business-to-business payments in emerging markets using USDT. The company also intends to work with Tether to develop regulatory technology tools to detect and prevent the illicit use of stablecoins.
“Our collaboration with XREX will spearhead several groundbreaking initiatives, including the launch of a unique new unitized stablecoin by the Unitas Foundation and the facilitation of USDT-based cross-border payment, setting a new standard for financial accessibility and efficiency in the region,” Paolo Ardoino, CEO of Tether, said in the statement.
