CryptoNews

Tether Invests $18.75M in XREX Group to Facilitate Launch of Gold-Backed Stablecoin

Tether, the issuer of the USDT stablecoin and a leading player in the digital asset industry, has made a strategic investment of $18.75M in XREX Group, a fully regulated, blockchain-enabled financial institution. The investment aims to drive innovation in the digital asset industry and facilitate USDT-based cross-border payments in emerging markets. XREX will use the funding to offer businesses greater ease, efficiency, and potentially lower costs in financial transactions. In collaboration with the Unitas Foundation, XREX will also launch XAU1, a USD-pegged unitized stablecoin over-reserved with Tether Gold (XAUT), providing customers with a stable alternative and a hedge against inflation. This partnership will also enhance solutions to detect and prevent illicit use of stablecoins.

Source: Bitcoin

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