Tether, a prominent player in the digital asset industry, has announced an $18.75 million investment in XREX Group, a blockchain-based financial institution. This investment aligns with Tether’s goal of advancing crypto adoption and financial inclusivity worldwide.
The funding aims to revolutionize cross-border payments using USDT in emerging markets and enhance regulatory technology, according to Tether. XREX plans to utilize the investment to launch XAU1, a stablecoin backed by Tether Gold, in partnership with the Unitas Foundation, offering a stable and inflation-resistant currency option.
Paolo Ardoino, CEO of Tether, emphasized their dedication to fostering financial inclusion in emerging markets through this strategic investment. Wayne Huang, CEO of XREX Group, highlighted the partnership’s role in supporting law enforcement and expanding into regulatory technology products to combat illegal stablecoin usage.
Winston Hsiao, XREX Group CRO, mentioned that the investment also facilitated the recruitment of top talent and expressed optimism about the long-term positive impact of this stablecoin-enabled financial inclusion movement on global clearance and settlement systems.
XREX has a history of collaboration with law enforcement and backing from notable investors such as the Taiwanese government and financial institutions.
June 2024, Cryptoniteuae
