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Tether Teams With XREX Group; Is The Financial System Evolving?

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On June 5, Tether, the stablecoin offerer unveiled its $18.75 Million investment in a blockchain-enabled financial institution. Driving innovation in the digital asset sector, driving financial inclusion, and advancing Tether (USDT)-based cross-border payments are some major aims of the collaboration.

Tether’s $18 Million Investment to Drive Financial Inclusion   

Tether is expanding its roots to drive financial inclusion in emerging markets. Investment collaboration with XREX Group, a Taiwan-based crypto exchange. Facilitating USDT-based payments in the evolving market and innovation in the crypto space initiated the collaboration.

At press time, USDT was trading at $0.9998 with a market cap of $112,290,000,578 and $72,006,808,571 in 24-hour volume.

The collaboration would enable XREX to improve cross-border Business-2-Business (B2B) payments at lower costs.

“Tether’s strategic investment in XREX Group illustrates our unwavering commitment to fostering financial inclusion in emerging markets,” said Paolo Ardoino, CEO of Tether.  

In response, XREX Group CEO, Wayne Huang expressed the happiness and significance of the strategic partnership. “Tether and XREX have collaborated successfully to help law enforcement agencies identify, arrest, and sentence criminals,” said Huang.

What Next?

Tether’s strong support and investment will help XREX Group expand its Regulatory Technology (RegTech) product line which defines the firm’s accountability as a financial institution. The product line will offer solutions to encounter and mitigate illegal activities in the crypto market, especially associated with the stablecoins.

Furthermore, the financial institution will work with the  Unitas Foundation to introduce XAU1, a USD-pegged unitized stablecoin over-reserved with Tether Gold (XAUt). This will offer the users a reliable option and a hedge against inflation.

The collaboration may build a safe, accessible, and trustworthy environment for investors and traders. Tether has collaborated with various firms so far.

On June 5, Paolo Ardoino alarmed the crypto community of the crypto airdrop scam emails over X. According to him, a prominent vendor used by digital asset companies for mail listing management has been compromised. 

Ardoino warned the crypto community about the emails as CoinGecko also got affected, and reported phishing emails being sent from other client accounts.

Tether’s Collaborations With Bitdeer, TON Foundation, & Oobit 

Apart from  XREX Group, Tether also partnered with other firms including Bitdeer, TON Foundation, & Oobit.

Tether

Tether Collaboration with TON Foundation, & Oobit I Source: Tether  

On May 31, the stablecoin provider signed a subscription settlement with Bitdeer, a crypto mining firm to purchase shared in a non-public placement. Tether invested over $150 Million for the same and involves 18,587,360 Class A peculiar shares. 

In the same way, the largest company in the digital asset industry joined hands with TON Foundation, & Oobit. The purpose was to revolutionize and enhance the utilization of digital assets as a means of payment.

As a part of the collaboration, approximately $200 Million worth of USDT tokens were issued on the TON network.

Disclaimer

The analysis given above is for informational and educational purposes only. You should not take it as financial, investment, or other advice. Investing in or trading crypto assets is risky. Please consider your circumstances and risk profile before making any investment decisions.

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