© Reuters
MOSCOW – BrownRice Capital announced the launch of Exved, a new electronic system designed to facilitate cross-border payments using the stablecoin Tether (USDT). 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 Supervision Service, ensuring compliance with anti-money laundering and anti-terrorism financing (AML/CFT) standards. The launch of the system comes after successfully completing internal testing and obtaining regulatory approvals, as reported by Sergey Mendeleev of InDeFi Smart Bank.
The platform should significantly reduce transaction fees for its users. Traditional international settlement fees, which typically hover around 6-7%, are reduced to just 2-3% with Exved. This cost reduction represents a substantial saving for companies engaged in foreign trade.
To better support B2B users, Exved collaborates with brokers and technical specialists who provide comprehensive support, including transaction documentation and escrow services. The system is not limited to USDT; it also integrates multiple currencies such as offshore rubles and USD for settlements.
This initiative follows an agreement approved by Russian authorities on September 22, 2022, as reported by Kommersant, which allows the use of cryptocurrencies in international trade. This agreement laid the foundation for the emergence of platforms such as Exved, providing Russian legal entities with an alternative means of engaging in cross-border trade in a challenging economic landscape.
The introduction of Exved marks a progressive step towards the integration of digital assets into the Russian financial ecosystem, potentially setting a precedent for other markets looking to adopt cryptocurrency solutions for international trade.
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