Stablecoin issuer Tether announced on Wednesday (5th) that it will make a strategic investment of $18.75 million (approximately 600 million New Taiwan dollars) in the regulated Taiwanese blockchain fintech firm XREX Group. The collaboration aims to promote innovation in the digital asset industry, facilitate cross-border payments based on the US dollar stablecoin USDT in emerging markets, and improve regulatory technology.
According to the press release issued by Tether, with the financial support from Tether, XREX will facilitate compliant cross-border B2B payments based on USDT in emerging markets, revolutionizing financial transactions by providing better convenience, efficiency, and potential cost savings for businesses.
In addition, XREX will also collaborate with the Unitas Foundation to launch a gold-backed unit stablecoin “XAU1” pegged to the US dollar. It will utilize Tether Gold (XAUt), a tokenized gold with excess reserves, to provide customers with a stable alternative and a hedging tool against inflation.
The partnership between Tether and XREX will also drive innovation in regulatory technology (RegTech), enhancing solutions for detecting and preventing the illegal use of stablecoins. Tether CEO Paolo Ardoino stated:
XREX Group CEO Wayne Huang expressed:
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