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Russia Embraces Tether Stablecoin for Cross-border Payments with Exved Platform

Russia has taken a major step in the field of digital finance by launching Exved, a cross-border payment platform that allows local businesses to use cryptocurrencies, including the Tether stablecoin, for international settlements.

The platform, which was announced on December 7, will provide a fast, secure, and cost-effective solution for foreign trade and exchange operations.

Exved is a B2B platform that connects Russian importers and exporters with foreign counterparts, enabling them to transact using various currencies, such as the offshore ruble, the U.S. dollar, and the Tether stablecoin.

The platform claims to offer competitive rates and fees, as well as compliance with AML and CTF regulations.

Exved also boasts the support and approval of major industry partners, such as InDeFi Bank, and regulatory bodies, such as the Central Bank and the Federal Financial Monitoring Service of the Russian Federation.

The platform’s launch comes after Russia legalized cross-border payments in cryptocurrencies in September 2022, signaling a progressive attitude toward the integration of digital assets into the country’s financial system.

Exved’s choice of using the Tether stablecoin, which is pegged to the U.S. dollar, reflects a growing trend of adopting stablecoins as a means of reducing volatility and enhancing liquidity in the crypto market.

Exved’s co-founder and CEO, Sergey Mendeleev, explained the vision and goals behind the platform, emphasizing its innovative and efficient nature.

He noted that Exved strives to demonstrate the benefits of using cryptocurrencies for cross-border payments, such as reducing transaction costs, eliminating intermediaries, and streamlining processes.

He also said that Exved’s internal mechanisms have been tested and approved by the Central Bank of Russia and the Federal Financial Monitoring Service of the Russian Federation.

Exved’s launch marks a significant milestone in the development of the crypto industry in Russia and beyond.

The platform’s success may have a positive impact on the country’s economy, as well as on the global financial landscape, by fostering a more agile and modern financial ecosystem.

Victor Chijoke

Passionate about blockchain, and the decentralized internet. A writer in the morning, goalie in the evening. The aim is to keep my readers informed about the ever-evolving world of web3 with a unique blend of expertise and storytelling.

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