Tether Invests $18.75M in XREX to Boost Financial Inclusion

PRNewswireJune 5, 20245 min

Tether, the largest company in the digital asset industry, has announced a strategic investment of $18.75M in XREX Group, a fully regulated, blockchain-enabled financial institution. This collaboration aims to drive innovation in the digital asset industry, facilitate USDT-based cross-border payments in emerging markets, and innovate regulatory technology.

With¬†Tether’s funding, XREX will facilitate compliant, USDT-based cross-border B2B payments in emerging markets, revolutionizing financial transactions by offering businesses greater ease, efficiency, and potentially lower costs. Additionally, XREX will work with the¬†Unitas Foundation¬†to launch¬†XAU1, a USD-pegged unitized¬†stablecoin¬†over-reserved with¬†Tether¬†Gold (XAUt), providing customers with a stable alternative and a hedge against inflation.

This collaboration will drive innovation in Regulatory Technology (RegTech), enhancing solutions to detect and prevent illicit use of stablecoins.¬†Tether’s commitment to responsible financial stewardship aligns with XREX’s dedication to fostering a safe, accessible, and trusted environment for all¬†crypto¬†users in emerging markets.

“Tether’s strategic investment in XREX Group signifies our unwavering commitment to fostering financial inclusion in emerging markets,”¬†said¬†Paolo Ardoino, CEO of¬†Tether.¬†“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. This latest investment aligns with¬†Tether’s long-term vision of building a resilient infrastructure that extends beyond the confines of the¬†crypto¬†market, as demonstrated by our diversified investments in various industry sectors.”

“Tether¬†and XREX have collaborated successfully to help law enforcement agencies identify, arrest, and sentence criminals,” says¬†Wayne Huang, XREX Group CEO. “With¬†Tether’s strong support and investment, we’re expanding this success into a RegTech product line that further refines XREX Group as a responsible financial institution.”

“We thank¬†Tether¬†and all existing investors for supporting this up round, which involved an issuance of new team (common) shares to fuel our top talent recruiting. This¬†stablecoin-enabled financial inclusion movement will bring long-term and positive change to the existing global clearance and settlement systems,” says¬†Winston Hsiao, XREX Group CRO.

XREX boasts an impressive investor lineup including the Taiwanese Government National Development Fund, CDIB Capital Group (TWSE: 2883), SBI Holdings (TYO: 8473), E.Sun Financial Holding (TWSE: 2884), ThreeD Capital (CSE: IDK), AppWorks, BlackMarble, and New Economy Ventures. XREX Singapore recently acquired the Monetary Authority of¬†Singapore’s¬†Major Payment Institution license, while XREX has been operating under a Taiwan Financial Supervisory Commission’s Registered VASP status.

Today’s announcement further underscores¬†Tether’s ongoing endeavors to foster¬†cryptocurrency¬†adoption in emerging markets worldwide, while empowering those under-served communities that share the company’s vision of a more interconnected and inclusive financial landscape.

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