XREX, a cross-border payments startup, has received $18.75 million in funding from Tether to improve the utility of USDT-based payments in emerging markets
Founded by Wayne Huang and Winston Hsiao, XREX is a cross-border crypto exchange platform that has now raised close to $19 million from Tether, the entity behind the USDT stablecoin. This funding is intended to bolster the platform’s focus on stablecoin-based business-to-business (B2B) payments in emerging economies.
A press release dated Jun. 5 outlines XREX’s plans to utilize the $18.75 million to enable compliant USDT-based cross-border B2B payments in developing markets, aiming to transform financial transactions by offering businesses enhanced convenience, efficiency, and potentially reduced costs. As part of this initiative, XREX will collaborate with the Unitas Foundation to introduce XAU1, a stablecoin backed by Tether Gold (XAUt), offering a valuable inflation hedge.
We are partnering with XREX to drive innovative initiatives, such as the introduction of a novel unitized stablecoin by the Unitas Foundation and the enhancement of USDT-based cross-border payments. This collaboration aims to establish new benchmarks for financial accessibility and efficiency in the region.
Established in 2018, XREX has garnered a diverse group of investors, including the Taiwanese Government National Development Fund, CDIB Capital Group, and SBI Holdings, among others. This recent investment follows XREX Singapore’s acquisition of a license from the Monetary Authority of Singapore, allowing it to provide services in the region.
For Tether, this investment represents one of several recent efforts to broaden its global footprint. Earlier in May, Tether expanded into Eastern Europe through an investment in the Georgian payment service CityPay. Additionally, the stablecoin issuer inked a memorandum of understanding with RAK Digital Assets Oasis (RAK DAO) to launch various strategic initiatives aimed at fostering the adoption of stablecoins and Bitcoins technology in Ras Al Khaimah (RAK), the UAE’s northernmost emirate.
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