Tether Invests $18.75 Million in XREX Group to Boost Cross-Border Payments and Combat Illicit Use of Stablecoins
Stablecoin issuer Tether has revealed an investment of $18.75 million in XREX Group, a cryptocurrency exchange based in Taiwan.
In a statement shared with The Block, XREX expressed its intentions to utilize the fresh capital injection to bolster its facilitation of cross-border business-to-business payments in emerging markets through the use of USDT. Additionally, the company aims to collaborate with Tether in the development of regulatory technology tools geared towards detecting and preventing the illicit utilization of stablecoins.
Paolo Ardoino, CEO of Tether, emphasized the significance of their partnership with XREX, highlighting forthcoming initiatives such as the launch of a distinctive unitized stablecoin under the Unitas Foundation. This collaboration is expected to pave the way for USDT-based cross-border payments, thereby setting a new benchmark for financial accessibility and efficiency within the region.
Wayne Huang, CEO of XREX Group, echoed Ardoino’s sentiments, underscoring their joint efforts in aiding law enforcement agencies in identifying, apprehending, and prosecuting criminal activities.
Tether has been actively engaged in investment activities of late. Just last week, the company announced a private sale agreement with Bitcoin mining firm Bitdeer, potentially amounting to $150 million in shares.
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