- A new stablecoin backed by Tether Gold and tethered to the US dollar will be introduced by XREX.
According to a news release the firm released today, Tether, the leading company in the digital asset space, has made a significant $18.7 million investment in XREX Group, a financial institution enabled by blockchain technology.
Tether is continuing to push for global financial inclusion and cryptocurrency acceptance, and this latest donation is part of that endeavor.
According to Tether, the investment would progress regulatory technologies and transform cross-border payments based on USDT in developing economies.
XREX and the Unitas Foundation will work together to introduce XAU1, a stablecoin supported by Tether Gold, using the additional funds. The company hopes to provide a stable and inflation-proof currency choice with this launch.
The cooperation is crucial to supporting law enforcement and the company’s growth into RegTech products to counter illicit stablecoin use, according to Wayne Huang, CEO of XREX Group.
According to Winston Hsiao, CRO of XREX Group, the funding helped XREX attract outstanding talent.
XREX has a proven track record of working with law enforcement and reputable investors, including financial institutions and the government of Taiwan.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
