In a strategic move aimed at bolstering cross-border transactions, stablecoin issuer Tether has disclosed an investment of $18.75 million in XREX Group, a prominent cryptocurrency exchange based in Taiwan.
According to a statement shared with The Block, XREX Group outlined its intentions to utilize the fresh capital infusion to advance its cross-border business-to-business payment solutions in emerging markets, leveraging the USDT stablecoin. Additionally, the company aims to collaborate with Tether in the development of regulatory technology tools designed to identify and mitigate the illicit use of stablecoins.
Paolo Ardoino, CEO of Tether, said in the statement :
Our collaboration with XREX will spearhead several groundbreaking initiatives, including the launch of a unique new unitized stablecoin by the Unitas Foundation and the facilitation of USDT-based cross-border payment, setting a new standard for financial accessibility and efficiency in the region
Echoing this sentiment, Wayne Huang, CEO of XREX Group, emphasized the joint efforts to support law enforcement agencies in combating criminal activities. He stated,
We collaborated to help law enforcement agencies identify, arrest, and sentence criminals
This investment comes amidst a series of strategic moves by Tether. Recently, the company entered into a private sale agreement with Bitcoin mining firm Bitdeer, potentially paving the way for up to $150 million in investments.
