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Wirex Launched Twenty-Six New Stablecoins On Stellar Network

Wirex | Stablecoins | Stellar Network | Visa

Wirex, a UK-regulated digital money provider announced on April 25th, that it will launch 26 fiat-backed stablecoins on the XLM platform in collaboration with the Stellar Development Foundation (SDF).

As per Wirex and the Foundation, these stablecoins will be backed by fiat currencies including the U.S. dollar, euro, the British pound, Hong Kong dollar and the Singapore dollar. Moreover, these will be the first to provide tangible utility to users, leading and encouraging mass adoption. All 26 new stablecoins will become tradeable within the next few months.

Wirex is a payments platform that allows users to freely spend cryptocurrencies, anywhere in the world. The London-based company is fully-regulated as a provider for digital money solutions by the FCA – the UK’s chief financial regulator. The company had processed more than $2bn in transactions and has more than 2M users.

Licensed by the country’s finance watchdog, the Financial Conduct Authority (FCA), Wirex’s states that multi-currency Visa card could be used to spend cryptocurrencies. The card enables users to convert and spend cryptocurrencies and supports 8 cryptocurrencies and 10 fiat currencies until now, along with 5,000 business clients that have integrated the XLM blockchain into their operations.

Stellar co-founder and head of SDF, Jed McCaleb, encouraging businesses to start using XLM blockchain, he added that the development will bring stablecoins into the payments space. Consumers could use Wirex Visa Card to purchase real-world goods and services. He stated:

“Stablecoins have the potential to transform the payments space. [they will] help make money more fluid and open to everyone.”

Pavel Mateev, Wirex co-founder, stated:

“Joining forces with Stellar makes perfect sense for us. Both companies share a greater goal – encouraging the mass adoption of digital currencies and transforming the way people make payments.

Initial stablecoins will be backed 1:1 to the fiat currencies and will purportedly be widely tradeable in the foreign exchange markets. Wirex will hold the currency in segregated bank accounts, the ticker symbol will be that of the currency with a ‘W’ added at the end, for instance, USDW.

Wirex and Stellar further suggest an additional potential use-case that the new stablecoins would be an ideal solution for international settlements as the value comparatively remain stable and users could harness the low-fee and rapid transaction times of the Stellar blockchain.

Following today’s announcement, Lumens will become the eleventh digital asset which can be converted and spent using the Wirex Visa card.

Read more:Coinme and Coinstar Jointly Spread Over 2,100+ Bitcoin (BTC) Kiosks Spread Across The U.S

Image Source – Stellar Twitter

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