UK-based payment platform, Wirex, has announced the launch of 26 fiat-backed cryptocurrencies on the Stellar Network
“Stablecoins have the potential to transform the payments space,” said Jed McCaleb, Stellar’s co-founder. “We’re excited to be working with Wirex to launch its first stablecoins to help make money more fluid and open to everyone.”
Most stablecoins are pegged to USD. While these are suitable for a specific use case - hedging on cryptocurrency exchanges - they can't be used for payments, as they’re not scalable and don’t support local currencies. Since payments are Wirex’s main focus, we added support for local currencies with the aim of using stablecoins for international transfers.
“Joining forces with Stellar makes perfect sense for us. Both companies share the greater goal of encouraging the mass adoption of digital currencies and transforming the way people make payments. We are thrilled to add XLM to the Wirex platform, and even more excited to release our industry-first Wirex stablecoins,” said Matveev.Wirex’s main focus is to add support for local currencies in order to use stablecoins for international transfers.
“Stablecoins are a cost-effective and efficient way to move funds across the globe and we expect a large volume of retail customers to use stablecoins for sending money to their friends and families around the world. These stablecoins can then be spent using Wirex Visa card, redeemed into bank accounts or spent directly with merchants who accept fiat-backed tethers,” said Matveev.
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