Russia has taken a significant leap in financial technology by introducing Exved, a cross-border payment platform. Launched on December 7, Exved is uniquely designed to allow Russian businesses to conduct international transactions using the Tether (USDT) stablecoin. This move integrates cryptocurrency into Russia’s global trade operations, signaling a modern approach to international commerce.
Exved: Streamlining Payments with Cryptocurrency
Exved operates as a digital counterparty search system, providing a seamless business-to-business solution for foreign exchange operations and international trade activities. The platform supports Tether (USDT) payments alongside the traditional offshore ruble and U.S. dollar. Integrating digital currency into existing financial systems is a strategic step toward diversifying Russia’s payment methods in global markets.
Strict adherence to Anti-Money Laundering and Counter-Terrorist Financing standards is at the core of Exved’s operation, ensuring a secure and compliant transaction environment. The platform’s development included key partnerships, notably with InDeFi Bank, which launched a decentralized crypto ruble project in 2022. Sergey Mendeleev, InDeFi Smart Bank’s co-founder, confirmed that Exved’s mechanisms are approved by the Bank of Russia and the Federal Financial Monitoring Service, emphasizing the platform’s potential to reduce costs for cross-border payments.
This step aligns with Russia’s broader strategy to integrate cryptocurrencies into international finance, following an agreement between the Russian central bank and the Ministry of Finance in September 2022. Exved’s introduction is a pivot in Russia’s approach to global finance, tapping into the evolving trend of incorporating digital currencies in mainstream financial operations.
Also Read: CBDC Can Be Important in Cross-Border Payments: RBI Governor
