Exved launches USDT-based payment platform for Russian businesses

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Exved launches USDT-based payment platform for Russian businesses
Credit: © Reuters.

MOSCOW - In a significant development for Russian international trade, BrownRice Capital has announced the launch of Exved, a new electronic system designed to facilitate cross-border payments using the Tether (USDT) stablecoin. This initiative aims to provide Russian importers and exporters with a more cost-effective and efficient mechanism for global transactions.

Exved has received regulatory approval from the Bank of Russia and the Federal Financial Monitoring Service, ensuring compliance with Anti-Money Laundering and Counter-Terrorism Financing (AML/CFT) standards. The system's launch comes after successful internal testing and regulatory clearances as disclosed by Sergey Mendeleev of InDeFi Smart Bank.

The platform is set to significantly reduce transaction fees for its users. Traditional international settlement fees, which typically hover around 6-7%, are slashed to just 2-3% with Exved. This reduction in costs represents a substantial saving for businesses engaged in foreign trade.

To further support B2B users, Exved collaborates with brokers and technical specialists who provide comprehensive assistance, including help with transaction documentation and escrow services. The system is not limited to USDT; it also incorporates multiple currencies such as offshore rubles and USD for settlements.

The move follows an agreement endorsed by Russian authorities on September 22, 2022, as reported by Kommersant, which allowed the use of cryptocurrencies in international trade. This agreement laid the groundwork for platforms like Exved to emerge, offering legal entities within Russia an alternative means to engage in cross-border commerce amid a challenging economic landscape.

Exved's introduction marks a progressive step towards integrating digital assets into Russia's financial ecosystem, potentially setting a precedent for other markets looking to adopt cryptocurrency solutions for international trade.

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