On June 5, 2024, Tether, a prominent entity in the digital asset industry, disclosed a strategic investment of $18.75 million in XREX Group, a fully regulated, blockchain-enabled financial institution. This investment is set to drive advancements in the digital asset sector, focusing on facilitating USDT-based cross-border payments in emerging markets and pioneering regulatory technology.
Major Investment to Transform Cross-Border Payments and Stablecoin Use
With this financial backing from Tether, XREX aims to revolutionize cross-border B2B payments in emerging markets by introducing compliant, USDT-based transactions. This initiative promises to offer businesses enhanced ease, efficiency, and potentially reduced costs in financial transactions. Furthermore, XREX plans to collaborate with the Unitas Foundation to introduce XAU1, a USD-pegged unitized stablecoin over-reserved with Tether Gold (XAUt). This stablecoin will provide customers with a reliable alternative and a hedge against inflation.
The collaboration between Tether and XREX will also push forward innovations in Regulatory Technology (RegTech). These advancements will improve solutions for detecting and preventing the illicit use of stablecoins. Tether’s commitment to responsible financial management aligns with XREX’s dedication to creating a secure, accessible, and trustworthy environment for all cryptocurrency users in emerging markets.
Paolo Ardoino, CEO of Tether, stated, “Tether’s strategic investment in XREX Group signifies our unwavering commitment to fostering financial inclusion in emerging markets. 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 payments. This sets a new standard for financial accessibility and efficiency in the region. This latest investment aligns with Tether’s long-term vision of building a resilient infrastructure that extends beyond the confines of the crypto market, as demonstrated by our diversified investments in various industry sectors.”
Wayne Huang, CEO of XREX Group, highlighted the successful past collaborations between Tether and XREX in aiding law enforcement agencies to identify, arrest, and sentence criminals. He 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, CRO of XREX Group, expressed gratitude to Tether and other investors, stating, “We thank Tether and all existing investors for supporting this up round, which involved an issuance of new team (common) shares to fuel our top talent recruiting. This stablecoin-enabled financial inclusion movement will bring long-term and positive change to the existing global clearance and settlement systems.”
XREX’s investor base includes notable entities such as the Taiwanese Government National Development Fund, CDIB Capital Group, SBI Holdings, E.Sun Financial Holding, ThreeD Capital, AppWorks, BlackMarble, and New Economy Ventures. Recently, XREX Singapore obtained the Monetary Authority of Singapore’s Major Payment Institution license, while XREX operates under Taiwan Financial Supervisory Commission’s Registered VASP status.
Tether’s Strategic Investments to Expand Global Presence
Tether’s recent investment is part of a broader effort to enhance its international footprint. In May, Tether marked its entry into Eastern Europe through an investment in the Georgian payment service, CityPay. Furthermore, Tether has formalized a memorandum of understanding with RAK Digital Assets Oasis (RAK DAO) to roll out several strategic initiatives. These initiatives aim to advance the adoption of Bitcoin technology and stablecoins in Ras Al Khaimah (RAK), the northernmost emirate in the UAE.
This move is among several recent actions taken by Tether to expand its global influence. The company made a significant advance into Eastern Europe with its investment in CityPay, a Georgian payment service, in early May. Additionally, Tether entered into a memorandum of understanding with RAK Digital Assets Oasis (RAK DAO). This partnership aims to implement various “strategic initiatives” to promote the use of Bitcoin technology and stablecoins in Ras Al Khaimah (RAK), located in the UAE’s northernmost emirate.
Tether Invests $18.75M in XREX Group to Drive Financial Inclusion in Emerging Markets
Learn more: https://t.co/R1rs7ZPoZc— Tether (@Tether_to) June 5, 2024
Sealana: The Rising Star of Solana Meme Coins in the Presale Arena
Sealana has emerged as a new highlight in the realm of Solana-based meme coins, captivating the hearts of daring investors known as degens. These enthusiasts eagerly search for the latest and greatest opportunities in meme coins. As a fresh contender in the market, Sealana is inspired by a character from South Park, depicted as a seal engaging in the typical trader’s diet of tuna and Coke, while on the lookout for the next big hit in the Solana meme coin scene.
This new token is being marketed purely on the excitement surrounding meme coins, with no actual utility offered. It relies on the adventurous spirit of its investors, who are drawn to the high-risk, high-reward nature of such ventures. Following a straightforward presale approach, Sealana asks investors to send SOL directly to a specified address to acquire $SEAL tokens, a method previously employed by Slothana during its highly successful presale that amassed over $15 million swiftly.
Within the first 24 hours, Sealana has already generated significant buzz, accumulating over $125k, and it appears set to match or even surpass the rapid fundraising achievements of its predecessors. Despite the lack of inherent utility, the project’s potential to go viral is significant, making it a tempting prospect for short-term investors looking for quick gains in the meme coin market.
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