Wirex Payment Platform To Launch 26 Stablecoins On Stellar Blockchain

The Wirex payment platform from the UK announced the launch of the stablecoins, stating that they will be backed with fiat currencies, including the US dollar, the euro, the British pound, the Hong Kong dollar, the Singapore dollar, etc.

Wirex is licensed by the Financial Services Authority (FCA). The company claims that cryptocurrencies can be spent with its multi-currency Visa card. The Wirex card allows users to convert and spend cryptocurrencies wherever Visa is accepted, currently supporting 8 cryptocurrencies and 10 fiat currencies. Stablecoins can also be instantly converted to other coins at over-the-counter (OTC) rates. They will find their use in remittances, payment for goods and services.

The Stellar network was chosen among other blockchains because of its security features and scalability, as well as the low cost of real-time transactions, representatives of Wirex said. The company also plans to add its XLM native token to the platform.

Image courtesy of Wirex App