Russia’s Exved Launches Cross-Border Payment Service Powered By Tether’s USDT Stablecoin

Last updated: December 7, 2023 01:04 EST
. 1 min read

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Russian digital settlement exchange Exved has officially debuted with the goal of empowering local legal entities to conduct cross-border digital payment services using Tether’s USDT.

Russia’s Exved platform launches as one of the first cross-border payment solutions enabling local legal entities to conduct international settlements in crypto.

The digital settlement platform supports Tether (USDT) stablecoin transactions, alongside the U.S. dollar and…

— BrownRice Capital (@brownricecap) December 7, 2023

In its announcement on Telegram to mark the launch, Exved explained that it operates through a business-to-business (B2B) electronic platform that enables Russian importers and exporters to place and execute offshore orders.

The project aims to streamline cross-border payments for Russian legal entities without the need for intermediaries, all at minimal market rates.

The exchange exclusively collaborates with legal entities, ensuring compliance with Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) measures. It integrates non-resident (offshore) rubles, US dollars, and USDT for settlements.

Beyond simplifying international payments, the B2B solution offers complimentary services for legal transaction documentation and acts as an escrow agent.

The exchange’s launch involves the participation of well-known brokers in the cross-border payment market. Additionally, technical specialists from InDeFi Bank, which launched a decentralized rubble project in 2022, are actively engaged in this initiative.

Exved Receives Greenlight from Bank of Russia

On December 7, Sergey Mendeleev, the co-founder and CEO of InDeFi Smart Bank, exclusively told Cointelegraph that the internal work structure of Exved has undergone testing.

The CEO noted that the project has also obtained approval from the Bank of Russia and the Federal Financial Monitoring Service of the Russian Federation.

While Exved primarily targets a Russian audience, Mendeleev underscored its broader purpose – to demonstrate that individuals can conduct transactions with lower fees, paying 2–3% instead of the typical 6–7%.

The project also seeks to introduce specific mechanisms for implementing payment requests, enhancing efficiency and cost-effectiveness in financial transactions.

The approval from regulatory bodies adds credibility to Exved, reinforcing its commitment to compliance and regulatory standards within the Russian financial landscape.

The inception of Exved aligns with the agreement reached in September 2022 between the Russian central bank and the country’s Ministry of Finance to facilitate cross-border settlements in digital assets.

Draft legislation on the use of cryptocurrencies in international trade has been agreed upon by the Russian Central Bank and the Ministry of Finance.

— Crypto Crib (@Crypto_Crib_) September 22, 2022

As reported by the Russian publication Kommersant on September 22, 2022, Russia’s Deputy Finance Minister, Alexei Moiseev, stated that the agreement is intended to grant Russian nationals access to digital wallets.

Moiseev explained that the policy outlines the process of acquiring cryptocurrency, its permissible use, and the conditions governing its utilization in cross-border settlements.