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The largest stablecoin USDT issuer, Tether, announced a significant investment of $18.75 million in XREX Group, a cryptocurrency exchange based in Taiwan. This move aims to enhance financial inclusion in emerging markets by leveraging Tether’s stablecoin USDT.
XREX Group’s Strategic Goals
XREX Group outlined its plans for the newly acquired funds in a statement shared with The Block. The primary focus will be facilitating cross-border B2B payments in emerging markets using USDT. Additionally, XREX Group and Tether aim to collaborate on developing regulatory technology tools designed to detect and prevent the illegal use of stablecoins.
Tether CEO Paolo Ardoino highlighted the innovative potential of this collaboration. Ardoino emphasized several key initiatives, including the launch of a new unitary stablecoin by the Unitas Foundation and the promotion of USDT-based cross-border payments. These efforts aim to set new standards for financial accessibility and efficiency in the region, promoting greater financial inclusion.
XREX Group CEO Wayne Huang also emphasized the collaboration’s commitment to regulatory compliance and security. The partnership will assist law enforcement in identifying, arresting, and prosecuting criminals using stablecoins for illegal activities. This approach reflects both companies’ commitment to ensuring the safe and legal use of their financial products.
Tether’s Investment Strategy
Tether’s investment in XREX Group is part of a broader strategy to expand its influence and capabilities in the cryptocurrency market. Recently, Tether made headlines by signing a deal with Bitcoin mining company Bitdeer for a private sale of its shares worth up to $150 million. This demonstrates Tether’s ongoing efforts to diversify its investments and strengthen its position in the cryptocurrency market.
The collaboration between Tether and XREX Group is expected to have a significant impact on emerging markets. By increasing the efficiency and accessibility of cross-border payments, businesses in these regions can benefit from faster and more secure financial transactions. This can provide new opportunities for both businesses and individuals, helping to support economic growth and development.
