Crypto Payment Platform Wirex Launches 26 Stablecoins on Stellar Network

By Warren Hayes | May 2, 2019

Wirex, a cryptocurrency payment processor licensed by the U.K. Financial Conduct Authority (FCA), has recently joined forces with Stellar (XLM) to build stablecoins.

As announced in a press release (Apr 24), users will now be able to buy, store and exchange XLM tokens through Wirex platform, thanks to the new partnership. The firm has also revealed its plan to launch 26 stablecoins pegged to fiat currencies, including USD, EUR, GBP, HKD and SGD.

The firm also points out that currently many stablecoins are USD-backed tokens, hopes that a variety of stablecoins will allow for swift, international remittance without the need for local liquidity providers, hence reduce the cost when converting back into local currency.

Commenting about the partnership, Pavel Mateev, Co-founder of Wirex, said:

“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. We are thrilled to add XLM to the Wirex platform and even more excited to release our industry-first Wirex stablecoins.”

Based in London, Wirex is a payment platform that currently supports nine cryptocurrencies, along with ten fiat currencies. Following the announcement, more than 2M active Stellar users and 5000 business customers will now be able to use their XLM tokens through the Wirex Visa card.

Back in Mar, The Crypto Sight reported that Wirex extended its services in its latest 3.0 version to add ten new fiat currencies, including AUD, CAD, CHF, CZK, HKD, JPY, SGD, EUR, USD, and GBP.

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