Russia’s Exved launches cross-border crypto payments with Tether’s USDT

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Russia’s Exved launches cross-border crypto payments with Tether’s USDT

By Charles Thuo - min read
  • The platform supports Tether’s USDT stablecoin.
  • Exved has garnered regulatory approval from the Bank of Russia and the Federal Financial Monitoring Service of the Russian Federation.

Exved, a Russian digital settlement exchange, has launched a cross-border payment service that enables local legal entities to conduct international settlements using Tether’s USDT stablecoin.

This groundbreaking move showcases a significant step forward in the intersection of traditional finance and the cryptocurrency landscape, offering a streamlined solution for Russian businesses engaged in global transactions.

Cross-border crypto payment solution for Russians

Exved’s crypto cross-border service makes it one of the first platforms empowering local legal entities in Russia to conduct cross-border digital payment services with a focus on cryptocurrencies. The platform operates through a business-to-business (B2B) electronic system, allowing Russian importers and exporters to seamlessly place and execute offshore orders.

Exved’s innovation lies in its support for Tether’s USDT stablecoin, offering a reliable cryptocurrency option alongside the US dollar and offshore ruble for international settlements.

Exved’s crypto compliance and regulatory approval

Exved has obtained regulatory approval from the Bank of Russia and the Federal Financial Monitoring Service of the Russian Federation, adding a layer of credibility to its operations. The platform exclusively collaborates with legal entities, ensuring strict compliance with Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) measures.

This approach aligns with the broader regulatory framework in Russia and reflects Exved’s commitment to adhering to compliance standards within the country’s financial landscape.

While targeting primarily a Russian audience, Exved aims to showcase the efficiency of its cross-border payment solution by enabling transactions with lower fees—typically 2–3%, compared to the usual 6–7%.

The platform not only simplifies international payments but also offers complementary services for legal transaction documentation, acting as an escrow agent.

With the involvement of well-known brokers and technical specialists, Exved positions itself as a key player in the cross-border payment market, leveraging cryptocurrencies to enhance the efficiency and cost-effectiveness of financial transactions for businesses in Russia.