5 months ago
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XREX will launch a new stablecoin pegged to the US dollar and backed by Tether Gold.
Tether, the digital asset industry’s leading company, has made a strategic $18.75M investment in XREX Group, a blockchain-enabled financial institution, according to the company’s press release published today. The latest funding is part of Tether’s ongoing efforts to promote crypto adoption and financial inclusion globally.
The investment is set to revolutionize USDT-based cross-border payments in emerging markets and advance regulatory technology, Tether noted.
XREX will use the fresh capital to launch XAU1, a stablecoin backed by Tether Gold, in collaboration with the Unitas Foundation. With this launch, the firm seeks to offer a stable and inflation-resistant currency option.
“Tether’s strategic investment in XREX Group signifies our unwavering commitment to fostering financial inclusion in emerging markets,” stated Paolo Ardoino, CEO of Tether.
According to Wayne Huang, CEO of XREX Group, the partnership plays a key role in aiding law enforcement and the firm’s expansion into RegTech products to combat illegal stablecoin use.
“Tether and XREX have collaborated successfully to help law enforcement agencies identify, arrest, and sentence criminals,” Huang noted. “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.”
Winston Hsiao, XREX Group CRO, said the investment also supported XREX’s top talent recruitment.
“This stablecoin-enabled financial inclusion movement will bring long-term and positive change to the existing global clearance and settlement systems,” Hsiao stated.
XREX has a strong track record of collaboration with law enforcement and established investors like the Taiwanese government and financial institutions.
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