Tether Introduces XAU1 Stablecoin to Drive Cross-Border Payments

Tether Introduces XAU1 Stablecoin to Drive Cross-Border Payments

Tether, the largest stablecoin project by market cap, has decided to invest around $18.75 million in a parallel project named XAU1. Tether has maintained that the investment is part of the strategic development roadmap for the stablecoin. It is important to note that XAU1 is issued and maintained by XREX Group.

Tether’s Stablecoin for Multinational B2B Payments

The XAU1 stablecoin is used to make multinational B2B payments and support regulatory innovations. The firm has also released a document to brief the media regarding the aims and missions of the joint venture.

As per the details, XUA1 is directed towards improving payment efficiency operating at a B2B scale. Furthermore, the project also harbors robust support for regulatory solutions and introduces various unique features within the digital asset sector.

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Tether CEO, Paolo Ardoino, has noticed that XREX is going to lead the way for ground-breaking features such as introducing new use cases for stablecoins at the Unitas Foundation and USDT-based international payments. He further added that the project is going to set a new standard for global transactions and ensure financial stability alongside better efficiency in the region.

Tether Aids XAU1 in Becoming a Regulated Asset Class

With the assistance of Tether, XAU1 is going to become a regulated stablecoin with legal compliance to facilitate the XREX Group. In this manner, the users of the product will be able to process cross-border transactions without any obstacles at the B2B level.

This latest venture is also directed towards attaining commercial-scale operational capabilities while using minimal resources leading to economic overhead.

In this manner, the users will be able to make cheaper international transactions across borders with relative ease. The executive further emphasized on the importance of Tether’s partnership with XREX Group. He noted that this venture is a symbol of the continued commitment to fostering financial inclusion for all the upcoming and underdevelopment markets.

XREX Group is to co-host the launch of XREX coin with Unitas Foundation and Tether. For context, it is important to note that XAU1 is a stablecoin pegged to USD and has a USDT over-reserve. A press release published by XREX Group indicates that the project intends to serve as a stable alternative and inflation hedge.

Strategic Partnership Between Tether and XREX Group

XREX Group CEO namely Wayne Huang noticed that the project is set to lend strong support to Tether and investment.

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He highlighted that the success of the project will reflect on the RegTech initiative that will further cement the position of XREX Group as a liable and legible financial firm. Another report unveiled a major mining project that Tether has recently become party to.

The article published last month indicated that USDT has joined forces with Bitdeer with expectations of the stablecoin contributing to the development of various building blocks.

Bitdeer is a mining firm operated under former Bitmain CEO Jihan Wu that has been raising capital from Tether as part of a subscription agreement. In accordance with the agreement, Tether has purchased $150 million of Bitdeer shares as confirmed by an official notification recently.

Bitdeer is planning to utilize the funds to build a data center to support a native ASIC- rig. The firm is popular for its vertical business model that enables it to have full control of product sales, assembly, and raw material department.

Bitdeer’s Chief Business Officer Linghui Kong told the media that the firm is thrilled to onboard Tether and looking forward to accelerate growth and maintains leadership status in the mining industry with Tether’s aid.

In the same vein, Tether CEO has retained that Bitdeer is valued among mining enthusiasts on account of its robust vertically-integrated model and excellent research and development efforts. He further stated that Bitdeer’s topnotch management skills and perfectly in line with the long-term strategic vision of Tether. Bitdeer became a public firm in April 2023 based out of Singapore after a merger with Blue Safari Group.

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Author: Isacco Genovesi

Isacco writes news articles, reviews and guides about cryptocurrencies including technical analysis, blockchain events, coin prices marketcap and detailed reviews on crypto exchanges and trading platforms.

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