Cross-border payments startup XREX has secured $18.75 million in funding from Tether to enhance the use of USDT-based payments in emerging markets.
XREX, a cross-border crypto exchange founded by Wayne Huang and Winston Hsiao, received nearly $19 million from Tether, the company behind the USDT stablecoin. This investment aims to strengthen XREX’s stablecoin-based cross-border business-to-business (B2B) payment solutions in emerging markets.
In a press release dated June 5, the Taipei-based company announced that it will use the $18.75 million to facilitate “compliant, USDT-based cross-border B2B payments in emerging markets.” The goal is to transform financial transactions by providing businesses with greater ease, efficiency, and potentially lower costs. Additionally, XREX will collaborate with the Unitas Foundation to introduce XAU1, a stablecoin backed by Tether Gold (XAUt), offering a hedge against inflation.
Founded in 2018, XREX has attracted a diverse group of investors, including the Taiwanese Government National Development Fund, CDIB Capital Group, and SBI Holdings. This investment follows XREX Singapore’s recent acquisition of a license from the Monetary Authority of Singapore to offer services in the region.
For Tether, this investment is part of a broader strategy to expand its global footprint. In early May, Tether announced its entry into Eastern Europe with an investment in the Georgian payment service CityPay. Furthermore, Tether signed a memorandum of understanding with RAK Digital Assets Oasis (RAK DAO) to launch several strategic initiatives aimed at promoting the adoption of Bitcoin technology and stablecoins in Ras Al Khaimah (RAK), the northernmost emirate in the UAE.
