The largest stablecoin issuer Tether has invested $18.75 million in XREX, a Taiwanese startup targeting emerging market cross border payments for SMEs.
Unlike stablecoins such as USDC and USDP, Tether has chosen to remain offshore and its terms don’t allow U.S. users. In fact it’s banned in New York.
In contrast, XREX has taken a proactive approach to regulatory compliance, securing several licenses, including a major payment institution license from Singapore, a Taiwanese VASP registration, and money service business registrations in the U.S. and Canada. One of the most notable aspects of XREX is its involvement in a novel emerging market stablecoin protocol, Unitas.
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