Russia's Exved Platform Launches Cross-Border Payments Using Tether Stablecoin

Exved, one of Russia’s early cross-border payment platforms, has officially launched, enabling local legal entities to process international settlements in cryptocurrency. The platform, described as a “digital counterparty search system,” aims to simplify foreign exchange operations and foreign economic activity for Russian importers and exporters. Exved’s business-to-business solution allows cross-border transactions using the Tether (USDT) stablecoin, along with the offshore ruble and the United States dollar. The platform operates exclusively with legal entities in compliance with Anti-Money Laundering and Counter-Terrorist Financing measures, with the goal of facilitating cross-border payments for Russian legal entities without intermediaries at minimal market rates.

Exved’s launch involves significant industry partners, including InDeFi Bank, which initiated the decentralized crypto ruble project in 2022. Sergey Mendeleev, co-founder and CEO of InDeFi Smart Bank, stated that Exved’s internal mechanics have been tested and approved by the Bank of Russia and the Federal Financial Monitoring Service of the Russian Federation. The project is seen as a private initiative aimed at demonstrating cost savings for users, offering lower fees (2-3%) compared to traditional rates (6-7%), and providing specific mechanisms for implementing payment requests.

This move aligns with the Russian central bank and the Ministry of Finance’s agreement in September 2022, allowing cross-border settlements in cryptocurrencies. Exved’s introduction of Tether stablecoin as a payment option indicates a growing acceptance of digital assets in facilitating cross-border transactions in the Russian financial landscape.

By Habib Rahman

My professional background is in public relations and I am the founder of Cryptochating. My journey into blockchain technology started four years ago, and I haven't looked back since then. The future of decentralized technology is incredibly fascinating to me, and I am passionate about communicating how it will change the world.

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